Corbett gives away $88 million in lower bank taxes. S&P threatens to lower PA. credit rating

[JPZenger]

PA. tax revenues are running below projections, which will result in a deficit going into the next budget year in a few months. Now, it is revealed that Corbett had struck a deal that had reduced revenues from banking taxes to the state by $88 million this year. He had claimed that the change was going to be revenue neutral.

Standard and Poors has now threatened to reduce the state's credit rating, which would increase borrowing costs. One of the main reasons was that Corbett is proposing many tricks in his election year budget, including cutting a couple hundred million dollars of scheduled payments into state pension funds.

Meanwhile, PA. continues to be the only state with a natural gas industry that does not charge an extraction tax.

http://www.mcall.com/news/nationworld/pennsylvania/mc-pa-corbett-budget-outlook-20140429,0,2620138.story

[PADemD]

1. November can't come soon enough.

[DebJ]

4. You said it! n/t

[Divernan]

2. He's lining up board appointments in banking industry.

He is so SURE to lose, according to every single poll, that he's handing out budget favors in anticipation of post-elective office paybacks in form of board memberships, complete with stock options, and speaking/consultancy gigs.

[freshwest]

5. That appears to be the plan of many GOP. Some prominent TX legislator did the same during BushCo.

Now they have more thatn enough money to buy anything in the state. Who said crime doesn't pay?

[mountain grammy]

3. Got to get the payoffs in now in case he loses the election

and if the people of Pennsylvania have had enough, he most surely will.

[MH1]

6. Now all we need is for Democrats to go to the polls on Election Day.

Corbett can be down 5 points in opinion polls and still win if people don't bother to show up.