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News Now

CU System
Tentative Pennsylvania budget agreement reached
HARRISBURG, Pa. (9/22/09)--Pennsylvania Gov. Ed Rendell and state legislators announced Friday they have reached a tentative agreement on the state's budget, with a spending plan totaling nearly $28 billion. The plan would end a more than 80-day budget impasse, said the Pennsylvania Credit Union Association (PCUA) (Life is a Highway Sept. 21). "During the 80-day budget impasse, the association worked diligently to ensure that credit unions were removed from taxation conversations during budget negotiations," said PCUA President/CEO Jim McCormack. "As caucus leaders begin to implement legislation to enact the budget, we will continue to monitor, analyze and share any implications that might affect daily business operations," he said. The tentative budget calls for the state to spend $400 million less this year than in fiscal 2008-09. The plan calls for increasing spending on basic education needs by $300 million. The agreement package will be drafted into a bill to go before a joint House and Senate conference committee to pass and send to their respective chambers. Then the full chambers will vote on the bill without the ability to change it. Once passed, it will go to the governor for signature, likely within the next two weeks. Credit unions in the state, like in other states with budget problems, assisted members who are state employees with emergency funds to get them through hardships caused by the extended budget process.


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