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Pennsylvania Awaits $700M Deal

Correction: This story incorrectly described the status of its fiscal 2010 budget. The city has adopted a budget, but it is not balanced and awaits state legislative action on items needed to balance it.

Both Pennsylvania and Philadelphia have yet to pass fiscal 2010 budgets, but the state plans to refinance $700 million of fixed-rate debt later this month while the city must wait on its planned short-term issuance until state lawmakers pass legislation to help the city balance its budget.

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