Monday, November 03, 2008

PA deficit tops half-billion dollar mark

The red ink continues to flow in Pennsylvania as Gov. Ed Rendell is busy campaigning for Barack Obama or working his part-time job as an Eagles' TV analyst.

The Legislature, which rubber-stamped Rendell's deficit budget back in July, is busy campaigning for re-election.

What does it all mean for Pennsylvania residents? The budget deficit has reached $565 million in just four months. A projected General Fund deficit approaching $3 billion next year is likely. That will necessitate the biggest tax increase in Pennsylvania history -- after most of the current lawmakers are safety re-elected.

You can send a message to Rendell by voting out most of the incumbents who supported his deficit budget.

The October tax revenues for the state came in $283.4 million below projections. That's the fourth month in a row that the state took in less than it spent. The deficit keeps growing as we go deeper into the 2008-09 fiscal year.

Follow the link below for more on the state's tax revenue shortfall.

Pennsylvania Revenue Department Releases October Collections