Pa. House approves lower debt limit for economic development
Share with others:
HARRISBURG -- The state House of Representatives overwhelmingly approved a measure this afternoon to decrease the state's debt limit for an economic development program.
The proposal, introduced by House Majority Leader Mike Turzai, R-Bradford Woods, would decrease the current $4.05 billion limit for the Redevelopment Assistance Capital Program, known as RACP.
That program distributes grants for private economic development projects nominated by the Legislature and selected by the governor.
Under Mr. Turzai's measure, the debt limit would decrease by $500 million immediately and eventually shrink to $1.5 billion. In addition, the bill also redefines which projects would be eligible for RACP funding and would increase scrutiny of those grants by the state budget office.
"It's time to take control of the state's credit cards," Mr. Turzai said.
State legislators voted 184-9 on the bill. It now awaits consideration in the Senate.
First Published March 12, 2012 3:52 pm