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Budget Outlook: Pennsylvania faces $2 billion deficit

Budget Outlook: Pennsylvania faces $2 billion deficit

HARRISBURG - Pennsylvania got a double whammy of bad news Thursday in separate reports, one projecting a nearly $2 billion budget deficit, and another saying the state had maxed out its borrowing. The Independent Fiscal Office, in its long-term economic and budget outlook report, estimates a $1.85 billion shortfall in fiscal year 2015-16, based in large part on reliance on onetime revenue sources. "The non-recurring revenues and one-time costs savings employed in the FY 2014-15 budget contribute significantly to this deficit," said Matthew Kittel, the fiscal office's director, adding that rising pension costs also are a factor in the poor fiscal outlook. Meanwhile,...

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