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Tuesday, July 01, 2008

New borrowing in budget deal

While we are still waiting to see many of the details on the budget agreement, here are the numbers on borrowing that have been revealed.

The new agreement authorizes almost $2.9 billion in new borrowing programs, for a total of $3.6 billion in total borrowing (about $2.2 to be issued in 2008-09). This total represents about $1,200 per family of four, adding to the current state and local government debt of nearly $36,000 per Pennsylvania family.

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