Auditor General Jack Wagner Shares Ideas For Extra Revenue

PITTSBURGH (NewsRadio 1020 KDKA) — The government in Harrisburg has found $540 million that it did not expect, but now deciding what to do with it becomes the problem.

Governor Tom Corbett suggests we leave the budget where it is and keep the money in a waiting pot.

But the Democrats feel that the money could be used now.

KDKA Radio’s Robert Mangino spoke with Auditor General Jack Wagner on these ideas.

  • swin

    “But the Democrats feel that the money could be used now.”

    And this is precisely why you have to vote out Obama and ditch his plan for reducing the deficit by increasing revenues, i.e. adding on more taxes. As soon as you give a Democrat some money, they want to spend it – forget using it to pay off debt.

  • hwright

    Hahahahhah Corbett wil be putting that straight into his pocket and say the hell with the employess of Pennsylvania…Go ahead vote out Obama if you like living in a recession!!! I know if your RICH you are recession proof. How long do you think it takes a country to pull out of a mess like the REPUBLICANS put us into REALLY??????? Republicans around this country are passing bills to take money from the AMERICAN WORKING CLASS and donating it to CORPORATE GREED. Totally a BLIND, BRAINWASHED RESPONSE……

    • Zoeyzotron

      Also HWright – Why are you so against “the Corporate World”? Is your retirement not directly tied to Wallstreet? answer – yes it is. Even you pension. so I suggest you get on board with strong corporate profits.

      • hwright

        How come no one worried about debt when the bushs were dropping bombs all over the middle east????????? Thats where the money went…. And the last time I checked the stock market it looks pretty damn good! I will never stand up for Corporate greed… It will take a war in America to stop the rich from taking from everyone. How many stim plans did the george give out ohhhhhh forgot those now huh??? We need to get our tax base back in this country and quit cutting taxes for the rich… Go ahead zoeyzotron donate your life savings to republicans so they can puchase the presidency like always.

    • Zoeyzotron

      HWRIGHT – Please define “working Class”.
      Also, if you like oBama so much please tell us why. EVERY Single economic indicator has goten worse than two years ago, do you realize that (and that is with the moronic “stim plan”, which produced NOTHING)?

      do you know what stagflation is? I suggest you look it up, because that is exactly where we are now heading. do you also know for the first time in this countries history our DEBT will surpass our damn GDP. Typically that means default.

      Please educate yourself on facts before you cast another vote for this dangerous man.

  • Zoeyzotron

    I did worry about the debt when Mr. Bush was in office, he spent to much too as well, but obama has dwarfed that. However, during Bush’s term we were in wartime and I do remember clearly this country calling for blood after 9-11 (rightfully so) and I also remember Bush saying this campaign would not be several months, but many years.

    I also remember Bush cutting taxes across the board, I remember getting a little mid year refund in 2003 and I certainly was not “rich”. When i say “across the board” I refer to that grouping as people who actually pay taxes.

    You still have not said why corporations are bad (you also have not told me one non-destructive thing obama has done)? Whether we like it or not, that is the backbone of America. they pay huge taxes, the folks who work for them all pay taxes, and as I said above the prospect of any one who is not retired actually retiring at a decent age almost completly rests on their shoulders. Are there some bad eggs, sure. But the good far out weighs the bad.

    The stock market looks “ok”, not damn good. it is still 2000 points off the high and most analysists fear another dip. Factory order books in Asia are way short of expectations for the US and Europe. that is not a great sign for 6 months from now. the other two wealth generators in this country are absolutly awful. Housing value is now at an adjusted all time low. your house is worth less than it was in 1999. the final indicator, unemployment is above 16% (the real number, not the BS 9% the news says).

    i think we both want the same thing, America to remain an amazing place and a world superpower. I am just not sure that is a the latter is completly possible anymore.

  • hwright

    Real # Republican fed numbers like it or not Republican are crooks. Corporations are receiving tax breaks all the time most dont pay a dime for up to 10 years in PA then once thats over the hit the road. So much for paying taxes. Dont tell the rule of thumb for republicans is to cut taxes from corporations????? Marcellus shell drilling in PA not being taxed >??????? Why the hell not are they going to drill into the marcellus shell here from another state???? NOT…. Tell me why evertyhing that Obama has done has been so destructive??? Bush didnt have a stock market crash NOT, bush didnt have high gas prices???? NOT When 2% of the population control 50% of the world’s wealth, thats your problem.. As far as the housing market it was so bloated out of control from bush administration it was bound to fall out sometime

    • Zoeyzotron

      Based on your selfish and narrow viewed comments I have to assume that you are retired union, sitting on your fat pension that you practically contributed nothing too. I really can’t discuss this with you because it is obvious that you are completly brainwashed by the union mentality and you refuse to look at facts, history, and most importantly basic finance and econimics. All of that would tell you that your savior oBama is flat out wrong in his financial approach. I’ll leave you with this:
      1) Why do liberals always want to tax everything? How about we tax less and in turn the government give less to entitlement programs, which are the main burdon to our economy and its recovery.
      2) The tax breaks to which you referfor Corporations are mostly grants given by states, not the Feds., believe me most corporations pay plenty in taxes. Beyond that every single person who works for a corporation pays taxes (Trillions every year). Is that to hard for you to see?
      3) you comments on the housing debacle are interesting, however completly wrong my friend. Do you realize that it was Clinto in 1999 that forced Freddie and Fanny to EASE loan restrictions… = Loaning more money that people could pay back. That is where it started, not Bush. Ill attach the article for your reading. its from the liberal NYT of all places.

  • Zoeyzotron

    September 30, 1999
    Fannie Mae Eases Credit To Aid Mortgage Lending
    In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
    The action, which will begin as a pilot program involving 24 banks in 15 markets — including the New York metropolitan region — will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.
    Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.
    In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates — anywhere from three to four percentage points higher than conventional loans.
    ”Fannie Mae has expanded home ownership for millions of families in the 1990’s by reducing down payment requirements,” said Franklin D. Raines, Fannie Mae’s chairman and chief executive officer. ”Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime mar ket.”
    Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market.
    In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980’s.
    ”From the perspective of many people, including me, this is another thrift industry growing up around us,” said Peter Wallison a reside nt fellow at the American Enterprise Institute. ”If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.”
    Under Fannie Mae’s pilot program, consumers who qualify can secure a mortgage with an interest rate one percentage point above that of a conventional, 30-year fixed rate mortgage of less than $240,000 — a rate that currently averages about 7.76 per cent. If the borrower makes his or her monthly payments on time for two years, the one percentage point premium is dropped.
    Fannie Mae, the nation’s biggest underwriter of home mortgages, does not lend money directly to consumers. Instead, it purchases loans that banks make on what is called the secondary market. By expanding the type of loans that it will buy, Fannie Mae is hoping to spur banks to make more loans to people with less-than-stellar credit ratings.

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