| New York State Comptroller Tom DiNapoli criticized Gov. Eliot Spitzer and his 2008-09 Executive Budget due to the increase in borrowed money in that budget.
Debt burden cited as state's fastest-rising budget line.
In a sobering assessment of the state budget proposal made last month by Gov. Eliot L. Spitzer, the comptroller took to task his fellow Democrat's plan. He said that it relies too much on borrowing and on overly optimistic ways to raise money, such as Spitzer's controversial proposal to tax drug dealers.
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Under the governor's plan, the level of state debt will rise to $67.3 billion, from the current $54.3 billion, over the next five years. That means the debt level for every person living in New York State will go from the current $2,800 to $3,500. That does not include tens of billions more in local government and public authority debt already outstanding.
DiNapoli said the additional borrowing by Albany over the next five years under Spitzer will rise "significantly higher" than in the previous five years. New debt will annually average $5.8 billion during the period, compared with $3.3 billion the previous five years, a 73 percent increase, DiNapoli warned. Moreover, while the debt will grow by $30.9 billion by 2013, the amount of old debt retired will total only $17.8 billion. The new debt will go for everything from new buildings at state universities to parks improvements and economic-development efforts.
DiNapoli issued a press release regarding the issues with the budget. In that press release, DiNapoli said: "We're facing very uncertain economic times," DiNapoli said. "If things continue to decline in the financial industry, New York will get hit even harder. The Governor made some difficult choices, but there will have to be more. We should only spend within the parameters of what the State can afford. When you spend more than you take in, something has got to give."
Here is DiNapoli's full report on the 2008-09 Executive Budget. |
