House Majority Leader Responds to Misleading Press Event by McCord and DePasquale
HARRISBURG – House Majority Leader Mike Turzai (R-Allegheny County) issued the following statement in response to the politically motivated press event held by State Treasurer Rob McCord and State Auditor General Eugene DePasquale:

“The Commonwealth has a balanced budget and will be paying its bills on time using the same fiscal management and cash flow tools it has always used.

“Unfortunately, the recent press event hosted by the treasurer and auditor general is nothing more than political theater and an unnecessary waste of time.

“The truth is this agreement between the treasury and the administration is not uncommon. Ironically, the treasurer and auditor general did not see it important to have a similar press event when this same deal was made last year in a non-election year.

“The one-sided characterization of the state’s cash flow position failed to point out the real reasons state cash reserves are off from historical norms. The treasurer and auditor general ignored the fact that that federal government fiscal policy caused a $400 million hit to Pennsylvania income tax collections, and the state has had to expedite Medicaid payments in anticipation of the impending cut of federal government FMAP payments to Pennsylvania by more than $340 million. Also, the state sent more than $200 million in advance funding to help the Philadelphia School District.

“What is also concerning is that while the agreement is in fact a positive alternative to private market Tax Anticipation Notes for the General Fund, the treasurer is actually unnecessarily charging the taxpayers a higher interest rate than he gets for short-term investments on the private market.”

Representative Mike Turzai
Majority Leader
28th District
Pennsylvania House of Representatives

Media Contact: Stephen Miskin
717.772.9943 (office), 717.756.3936 (cell) / @SAM1963 / / @RepTurzai
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