End the borrowing
Assemblyman James Tedisco, R-Glenville, is raising the issue of "back-door borrowing" in the state budget.
He has set his sights on the debt issued by public authorities or pubic benefit corporations, which he says has made New York the fifth highest in debt per person. Both chambers of the state Legislature are expected to pass a budget bill today that would spend about $9.5 billion on state debt service, Tedisco said.
“It’s time to close the back-door on borrowing because taxpayers are maxed out on state debt that is mortgaging our children’s future,” he said in a statement. “We can’t change the past but we can ensure that in the future, New York State continues to move away from the altered reality that there is always a revenue problem when in many instances New York has had a taxing, spending and borrowing priorities problem.”
A recent report from the state Comptroller's office highlighted the fact thatstate and local public authorities have increased their debt to almost $250 billion.
Tedisco is proposing a prohibition on borrowing without voter approval. This is a bill from last year, which he is submitting again for the new session.
Additionally, he is sponsoring legislation to require any ballot propositions that authorize state debt to include "principle, interest and payback period that would be incurred by taxpayers."
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