Wednesday, December 20, 2006

Hevesi: 'extraordinary' Pataki debt will affect Spitzer administration

The Business Review

Whatever happened to Pataki says New York in 'tremendous shape' ????? maybe The Times Herald-Record has got it right in Pataki lacks presidential timbre .........meanwhile Hevesi continues to strut his stuff.......will it be enough to save his job??? andy

New governor Eliot Spitzer will inherit a burden of debt that will play a "significant" role in the development of his state budgets, state Comptroller Alan Hevesi said Wednesday.
Hevesi said state-funded debt is projected to grow by one-third to nearly $65 billion over the next five years.
Debt service -- the amount of interest and other costs of carrying the debt -- will grow from $4.3 billion to more than $7 billion by 2011, Hevesi projected.
"Probably the most significant influence the current administration will have on the new administration's agenda is the extraordinary amount of debt it created and is leaving behind," Hevesi said in a statement issued by his office. "With debt service alone projected to grow more than 65 percent over the next five years, the new governor's agenda will certainly be shaped by the commitments made over the last twelve years."
Republican Gov. George Pataki has defended the decisions of his administration to add state debt, saying that it has generally been confined to funding capital projects.
Hevesi said the state has circumvented the Debt Reform Act of 2000, which was designed to curtail state borrowing. The Debt Reform Act put a supposed limit on state debt to 4 percent of personal income in the state. But Hevesi said debt is running at about 6.5 percent of personal income.
Only California has higher accumulated debt than New York.

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