Corbett Banking On Improving Economy To Back Up Budget Proposal
By Tony Romeo
PHILADELPHIA (CBS) – Governor Corbett is relying on rosy economic projections to support the budget proposal he rolled out this past week.
In December, Charles Zogby – Governor Corbett’s budget secretary – projected a deficit well north of a billion dollars in the coming fiscal year. But on Tuesday, that deficit was gone, apparently erased by one-time funding sources and an overall projected increase in revenues of a hefty four percent.
In a briefing for reporters, Zogby defended the optimistic revenue projection, citing the state’s economic forecasting consultant and other mainstream economists predicting an uptick in activity:
“Global Insight is also forecasting a continued decline in the U-S unemployment rate… all of that positive economic activity helping us as a Commonwealth in terms of our revenue,” Zogby said.
Top legislative Democrats dismissed the governor’s budget proposal is election year gimmickry.