Warning that state debt is projected to reach $63.7 billion by the end of the fiscal year (and with current debt second in the nation only to California), state Comptroller Tom DiNapoli on Thursday re-upped a series of borrowing reform proposal, including requiring voter approval of all borrowing.
But the state Division of Budget rebuffed the comptroller’s methods for calculating state debt, claiming that DiNapoli is including in his total debt that is not recognized as the state’s responsibility. Thus, state-supported debt (which DiNapoli’s calculation includes) actually is $49.6 billion.
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Source: timesunion.com (via The Empire Report)