BLOG: S&P Threatens Pennsylvania With a Downgrade Due to Our Budget Deficit

first_img March 07, 2016 Budget News,  The Blog Last week, Standard and Poor’s Ratings Services cited Pennsylvania’s structural budget imbalance as the primary reason that the commonwealth’s AA-minus general obligation rating could be downgraded by the end of March.Governor Wolf has warned for years that Pennsylvania’s $2 billion plus budget deficit is a time bomb, ticking away. If it explodes, Pennsylvania will experience a fiscal catastrophe the likes of which we have never seen.Last week’s S&P downgrade warning is a stark reminder of the consequences of failing to address Pennsylvania’s budget deficit. It’s time to pass a budget that addresses the budget deficit and fully funds our schools and other key services.Key takeaways from the report:“We believe that the failure of lawmakers to agree on a complete budget package for fiscal 2016 in the coming weeks would impair their ability to address the projected fiscal 2017 budget gap in a timely manner. If the legislature and governor do not enact a fiscal 2016 budget that addresses structural balance by the end of the March sessions, we will likely lower the rating. On the other hand, if lawmakers do agree on a budget that addresses long-term structural balance in this timeframe, we could revise the outlook back to stable.”“The $30.3 billion budget passed by both the house and senate is, in our view, structurally unbalanced and does not include pension reforms negotiated in the previously agreed-on budget framework. As proposed, the budget had a $510 million budget gap for fiscal 2016 and left a $2.2 billion budget gap for fiscal 2017. It did not include a previously proposed revenue increase package and relies on $46.6 million of one-time revenues in fiscal 2016. Increases to basic education funding in House Bill 1460 were less than the budget compromise bill, and, when including cuts to school construction, it cut $95 million to education.”“In our view, the immediate credit concern is that failure to act in the current fiscal year could compound future fiscal gaps.” Read more posts about Governor Wolf’s 2016-17 budget.Like Governor Tom Wolf on Facebook: Facebook.com/GovernorWolf SHARE Email Facebook Twittercenter_img BLOG: S&P Threatens Pennsylvania With a Downgrade Due to Our Budget Deficit By: Jeffrey Sheridan, Press Secretarylast_img read more

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History is on the line between France and Spain at EuroBasket

first_img https://images.daznservices.com/di/library/sporting_news/5a/cb/anna-cruz-spain-fiba_gl3n6fxvszcu1n6hpk063o02t.jpg?t=-874955445&w=500&quality=80 Sandrine Gruda once again looked dominant, holding Temi Fagbenle to her lowest point total for the tournament against Great Britain, while scoring 16 points, 10 rebounds and 3 blocks. And the pace and defensive intensity of Olivia Epoupa should cause issues for the Spanish guards.However, Spain has relied on a balanced attack and had five players reach double figures against Serbia. It is needed, as the team is playing without Alba Torrens due to injury, but it is difficult to find any particular weaknesses in the Spanish attack, as Modelo can rotate in a number of players with the required skillset for a particular scenario.The game will take place at 8.30pm local time in Belgrade, Serbia. Good food. Fine wine. And beautiful basketball.Spain and France have been friends and foes, allies and rivals for as long as time began. Similar in many ways and different in others. But at the FIBA Women’s EuroBasket, the two nations will once again return to opposite sides of the divide, in a rematch of the 2017 final that saw Spain beat France 71-55. Her teammate Silvia Dominguez had a similar mentality in the post-game press conference and said: “I don’t want to talk about statistics. Playing tonight in this atmosphere, I don’t know if it was 7,000, at times it looked like more, or felt like more. I want to talk about the heart of this team. Being up throughout the whole game, and in the last minute Serbia going up in score, we kept calm and fought in the game. It’s incredible what we are doing to be back in the final.”However, history hangs over this game. France is desperate to come out on top in the tournament after making its fourth consecutive final without a win, but Spain Head Coach Lucas Mondelo is keen to become the first team since the Soviet Union in 1991 to win back-to-back EuroBasket championships. He said: “It’s been amazing to play in this incredible atmosphere – in this city you can breathe basketball.”He takes particular pride in historical feats – “We were able to beat Turkey in Turkey, France in France, and Serbia in Serbia” – and he understands the tall task that the French will present in this year’s final.For France, Garnier said: “It didn’t matter who we played in the final, because we have to take revenge against Serbia [for beating France in the 2015 final] or Spain [for beating them in the 2017 final].”And her team captain Endene Miyem was keen to get on with the task in hand of taking that final step up to the top of the mountain: “We’re here and we will play in the final again. Hopefully, in the end it will be different this time.”The game will feature focused defensive efforts – as both sides have displayed throughout the tournament – but you can also expect a beautiful game. Marine Johannes has found her form, recording the highest scoring output for her national team in the semifinal.center_img https://images.daznservices.com/di/library/sporting_news/3a/82/marine-johannes-france-fiba_labmxq28g86j1qz8pz5k4kcee.jpg?t=-875099957&w=500&quality=80 France Head Coach Valerie Garnier spoke about how this team has incredible heart going in to the contest with Britain during the semifinal, and was more effusive with praise after beating them to reach the final against Spain. She said: “At the beginning of EuroBasket nobody believed in this French team. It was a young team.“[But] we are a team. Quite often some individual players are very efficient. Sometimes other players are. But I can play with 12 players. Tomorrow I can play with other players and it doesn’t matter.”And on the Spanish side, players and coaches equally spoke about the joy and passion of playing with their national team. Anna Cruz scored 14 points in the semifinal, but explained how important it is for her to have fun: “I think we need to enjoy tomorrow. We are in the final and I don’t know if we’ll play another one. We are always looking ahead to the next day, but we just need to enjoy today. In the end, if we enjoy the game, we will play well.”last_img read more

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