Business News

Pennsylvania Governor Tom Wolf has allowed his state's budget bill to pass into law without ratifying the legislation, raising industry hopes that expanded gambling may be used as a means to plug the $1.3bn shortfall in the spending package for the 2016-17 fiscal year.

Wolf has allowed Senate Bill 1073 to pass into law without his signature, allowing the $31.53bn state spending plan to pass into law despite a major gap in funding. 

The Pennsylvania Constitution requires the state pass a balanced budget, with pressure now on lawmakers to find additional sources of revenue. The credit ratings agency S&P has also piled pressure on the state to find a solution by threatening to downgrade its credit rating.

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