What happens when the Commonwealth runs out of money?

At his mid-year budget briefing earlier in December, Budget Sec. Charles Zogby noted tax anticipation notes—borrowing based upon the anticipation of greater tax revenue later in the year—might be used to fill slower revenue months.

However, not all state officials seemed convinced that the prospect of additional borrowing is necessarily the right thing to do, especially since the Commonwealth has already borrowed money to ensure the state’s bills are paid.

Tuesday, December 16, 2014/Author: Jason Gottesman
Categories: News and Views