Any borrowing could have a negative impact on taxpayers down the road, state Comptroller Tom DiNapoli cautioned today.
DiNapoli said any loans taken out this year to cover deficits would do little help the passage of next year’s budget.
“New York already has misused debt too often,” DiNapoli said in a press release. “When you borrow to close budget gaps, there’s nothing to show for it but the billions taxpayers pay out each year — no roads, no schools, no bridges.
“And borrowing for this year does nothing to address next year’s budget gap. It’s time to put aside borrowing proposals and move forward with a budget that recognizes New York’s fiscal reality. Every day of delay is just more wasted time.”
According to the comptroller’s office, the state debt level stands at $60.4 billion and will grow to $67 billion by the middle of this decade.
DiNapoli, a Democrat who faces re-election this year, has a laundry list of fiscal proposals that can be found here.
Gov. David Paterson also said today he was opposed to any borrowing, but when pressed by reporters after a leaders meeting in state capitol building, would not rule out the possibility.
“I wouldn’t take it off the table,” he said. “I wouldn’t take anything off the table.”