Pennsylvania Bolsters Rainy-Day Fund With $2.6 Billion Transfer

Pennsylvania shifted $2.6 billion to its rainy-day fund, bolstering the state’s ability to handle a downturn in tax revenue.

• Stacy Garrity, the state’s treasurer, announced the transfer on Wednesday as part of the state budget
• Fund is now able to cover more than 25 days of general-fund spending
• “Having enough funding in reserve can alleviate pressure to cut discretionary program spending -- or raise taxes -- during an economic downturn,” Garrity said in a statement

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