Pennsylvania Gov. Tom Corbett has been given a bill reducing the RACP debt ceiling and the state parks remain open. He’s a better man than Obama it seems.
Continuing its commitment to fiscal responsibility, the House sent to the governor a measure to curtail the level of public debt for projects funded by the Redevelopment Assistance Capital Program (RACP), says State Rep. Jim Cox (R-129).
RACP provides grants to local communities for the acquisition and construction of regional economic, cultural, civic and historical improvement projects. The funding may be used for the design and construction of facilities that are economic development projects which generate substantial increases in employment, tax revenues or other measures of economic activity.
House Bill 493 will immediately reduce the RACP debt ceiling from the current $4.05 billion to $3.45 billion. The bill does not eliminate the economic development grant program, but redefines it to make it more financially viable.
Decreasing the Commonwealth’s debt load and reforming RACP is an important step in bringing integrity and transparency to the way Pennsylvania does business.