Here are some key points on the Capital Outlay Budget just given to me by a colleague in the House:
- The bond cap (how much we can borrow) is being raised from $2.7 billion to $3.8 billion. It will cost the general fund budget about $100 million every year, money that would otherwise be used to pay for needed services.
- This bill authorizes spending this year and every year through 2012.
- Because the bond cap is a statutory measure, it can be increased every year.
- This bill spends $400 million more than even the Governor recommended.
- The actual cost of this bill is $1.8 billion in new spending.
One must ask...how many credit cards are we going to max out before the people are broke?