HARRISBURG, Pa. (AP) - Pennsylvania’s House of Representatives and Senate are now borrowing money amid a four-month budget stalemate that has depleted lawmakers’ reserves and shut off billions of dollars in aid to schools and social services.
A Republican spokeswoman said Tuesday that the Senate borrowed $9 million from PNC Bank. The interest rate on the loan taken out Friday is about 3 percent.
Meanwhile, House Republicans secured a $30 million line of credit from five banks on Oct. 19 and promptly drew down $5 million. A spokesman says the interest rate is 3.25 percent and climbs to 4.25 percent in January.
House Democrats have been receiving advances from the state Treasury since September.
Copyright © 2021 The Washington Times, LLC.