Benninghoff Bill to Reduce State Debt Limit Approved by House
9/24/2014
HARRISBURG – The state House today in Harrisburg approved a bill introduced by Rep. Kerry Benninghoff (R-Centre/Mifflin) that would gradually reduce the state debt burden on Pennsylvania taxpayers by a half-billion dollars.

“From the situation in our nation’s Capitol to the dilemma in Detroit, we have seen the problems associated with ballooning government debt,” Benninghoff said. “This bill is a proactive measure to put a lower lid on Pennsylvania’s borrowing capacity. The thinking is simple: If the credit isn’t there, the state can’t use or abuse it.”

Benninghoff’s House Bill 2420 would reduce the Commonwealth’s debt ceiling on the Redevelopment Assistance Capital Project (RACP) borrowing system by $50 million each year beginning in 2018 until it reaches $2.95 billion. The current RACP debt ceiling is $3.45 billion.

A recent study by Truth in Accounting, an economic think tank based in Chicago, showed every Pennsylvania taxpayer would need to pay more than $14,000 in order to retire the Commonwealth’s debt.

“I think most Pennsylvanians would rather use their money to help send their kids to college or make improvements to their homes rather than using those dollars to pay for more state borrowing,” Benninghoff said. “We’re trying to bring some of the same commonsense, fiscal responsibility to government that families use in their own budgets.”

Benninghoff’s legislation now heads to the Senate for consideration.

Representative Kerry Benninghoff
171st District
Pennsylvania House of Representatives

Media Contact: Dan Massing
717.772.9845
dmassing@pahousegop.com  
KerryBenninghoff.com / Facebook.com/RepBenninghoff
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