Flourtown, PA – Democratic Nominee for State Treasurer Joe Torsella released the following statement after the Department of Treasury announced that it will extend a $2.5 billion line of credit to the Commonwealth of Pennsylvania to prevent the General Fund cash balance from falling into the negative in August:
“This is the largest line of credit that the Department of Treasury has had to issue to cover general operating costs. We need all stakeholders to come together and address the underlying issues in Pennsylvania’s structural deficit. This is simply an unsustainable pattern and if we do nothing, then we will continue to see larger gaps occurring at a more frequent pace.”
Joe Torsella has spent his life in public service making public institutions more efficient, more transparent, and more innovative. As Ambassador to the United Nations for UN Management and Reform from 2011 to 2014, Torsella was the architect and chief public spokesperson for the U.S.-led reform of the UN’s $36 billion system. As Deputy Mayor of Philadelphia, Torsella helped Ed Rendell close a $1.25 billion deficit. Torsella was the founding CEO of the National Constitution Center, helping it go from virtual bankruptcy to national treasure.