(The Center Square) – Pennsylvania’s emergency savings account, contrary to its colloquial name of “Rainy Day Fund,” is for anything but. Instead, state law reserves the $7 billion pot for economic downturns or unexpected revenue shortfalls, and can’t be tapped without a two-thirds vote from the legislature. Neither condition appears to have been met for Gov. Josh Shapiro’s proposed $51.5 billion spending plan, according to the Commonwealth Foundation. In a letter to Treasurer Stacy Garrity and leaders of the House and Senate, the fiscally conservative nonprofit argued that “the commonwealth’s economic environment has been well known and understood for months.”
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