PA budget running $477 million in the red

The first rule of holes - when you find yourself in a hole, stop digging.

Unfortunately, Gov. Ed Rendell never learned that bit of wisdom.

As of the end of February, Rendell has spent $476.7 million more than the state has taken in for the current fiscal year, which ends June 30. That's called a deficit.

Over the past two fiscal years, Rendell has spent $4 billion more than the state took in. That's called a fiscal catastrophe.

The Pennsylvania Department of Revenue reports that Pennsylvania collected $1.5 billion in General Fund revenue in February, which was $102.3 million, or 6.4 percent, less than anticipated.

Fiscal year-to-date General Fund collections total $16 billion, which is $476.7 million, or 2.9 percent, below estimate, according to the revenue department.

For a breakdown of tax revenues collected, follow the link below:

Pennsylvania Revenue Department Releases February Collections