Thompson, Lawmakers Endorse Bond Act
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The Transportation Bond Act yesterday received some high-profile backing, with the city comptroller, William Thompson, and several members of Congress holding a press conference to endorse Proposal 2 on November’s ballot.
The bond act would authorize the state to borrow $2.9 billion, roughly half of which would be spent on the city’s public transportation services, and half on highway projects upstate. It would contribute to the state Department of Transportation’s plan to spend $35.8 billion over five years on transportation improvements.
“We move, we grow, based on our transportation system,” Mr. Thompson said. “All of these are wise investments in our city’s future.”
The Citizens Budget Commission, a nonprofit watchdog group, has criticized the state’s borrowing and spending policies, pointing to $10 billion in “backdoor borrowing” the state has authorized. Backdoor borrowing is debt incurred by public authorities that is repaid with tax dollars but not subject to voter review.
“I know that the state comptroller has spoken out about backdoor borrowing, but this is different. It’s open, it’s transparent, and the voters will decide on it,” Mr. Thompson said. “I think that this is the way borrowing should be done.”
“Our economy will slowly collapse if we don’t do this borrowing.” Rep. Jerrold Nadler said, adding that the state’s economy had deteriorated since voters rejected the last Transportation Bond Act in 2000.
Along with Mr. Nadler, Reps. Anthony Wiener, Carolyn Maloney, and Jose Serrano joined Mr. Thompson in his endorsement of the bond act, as did many other city and state politicians, labor leaders, and environmentalists.
Also yesterday, the chairman of the City Council’s Transportation Committee, Council Member John Liu, held a well-attended hearing on the bond act.
The sole dissenting voice at the hearing was the research director of the Citizens Budget Commission, Charles Brecher. Voting against the bond act, he said, “is the only opportunity voters will have to say anything” about the state’s borrowing habits.
