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.

The state and Philadelphia have been operating without budgets since July 1. Gov. Edward Rendell last week signed into law a $11 billion "bridge budget" so the state can meet payroll and maintain essential services.

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