DiNapoli wants cap on debt
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- January
- 11
The state is overdosing on borrowed money and needs to cut back, state Comptroller Tom DiNapoli said today.
  In the wake of questions raised this week about whether the state can afford to borrow hundreds of millions of dollars for upstate economic-development projects, DiNapoli proposed phasing in a cap over the next nine years.
  “The State’s increasing debt burden is a real concern,â€? he said.  ”Debt is not a cost-free option.  Every dollar we spend on paying off debt is another dollar that can’t be used for other public needs and services.  The debt cap in the Debt Reform Act of 2000 simply wasn’t real.  We need a meaningful cap that includes all State-funded debt and sets parameters based on how much the State can afford.’’
 The state now about $51 billion in debt, according to DiNapoli – more than virtually any other state.
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on Friday, January 11th, 2008 at 12:32 pm by Jay Gallagher.
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Jay Gallagher has covered Albany for Gannett News Service since 1984 and has been Albany Bureau chief since 1989. He`s a native of the Boston area and likes to point out that in this millennium, the score is Red Sox 1 championship, the Yankees 0. 
Cara Matthews has been a statehouse correspondent in the Albany Bureau since August 2005. Prior to that, she covered Putnam County government and politics at The Journal News for nearly five years. Before that, she worked at newspapers in Connecticut and covered the state Legislature for one of them. 
A cogent voice in the wilderness.