Oct. 23, 2015
HARRISBURG – The House this week passed two bills that would reduce the state’s debt and require more efficient and transparent use of taxpayer dollars through Pennsylvania’s Redevelopment Assistance Capital Program (RACP) and Public Improvement Projects (PIP) programs.
Both bills,
House Bill 928 and
House Bill 930, were developed by the Speaker’s Debt Task Force, a group of House members led by Rep. John Lawrence (R-Chester/Lancaster) to review borrowing and state debt with an eye toward practical reforms.
“The passage of these two bills is a step in the right direction,” said Lawrence. “Our state is on a path of increasing unsustainable levels of debt, and the practical reforms set out in House Bills 928 and 930 would cut down on the burden we are leaving our children and grandchildren.”
House Bill 928 would reduce the debt ceiling for RACP by $500 million over the next decade. This reduction is on top of a $600 million debt ceiling reduction in 2013.
House Bill 930 would institute, for the first time, annual debt limits on the RACP and PIP programs authorized by the state’s Capital Facilities Debt Enabling Act. If enacted, the proposed limits would see projected Commonwealth General Obligation debt reach a high in 2018, and then decrease incrementally every year thereafter.
“These bills represent a measured, long-term approach to the state’s very serious debt situation. I am pleased to see them pass the House with bipartisan support,” said Lawrence.
“The work done by each Debt Task Force team member was tremendous from start to finish,” said Speaker Mike Turzai (R-Allegheny). “Thanks to their extraordinary efforts, there will be less burden of debt on the backs of current and future generations of hard-working Pennsylvanians.”
The bills move to the Senate for consideration.
Representative John Lawrence
13th District
Pennsylvania House of Representatives
Media Contact: Morgan Dux
717.260.6695
mdux@pahousegop.com
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