Maxing out the State Credit Card

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As noted in yesterday’s post, the Commonwealth signaled its intention to utilize the full $1b in short-term borrowing capability in advance of April’s tax receipts. April is typical the toughest month as personal income tax receipts aren’t due until the 15th and over $1b in local aid has to go out at the beginning of the month.

But the Treasurer just announced that the state will be maxing out its credit card in December, not April.