Watchdog Group Warns Against State Debt
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With the New York State’s debt expected to hit a historic high of $50 billion during the current fiscal year, the Citizens Budget Commission called on the New York State Legislature to address the debt problem now, before election day on November 7, if they return to Albany to approve their own pay raises this fall, which they are expected to do.
“New York State debt is out of control,” Citizens Budget Commission president Diana Fortuna said. “Before legislators attend to their personal finances, they should attend to the people’s business and fix New York’s broken debt limit.”
Yesterday, the Commission, a nonpartisan organization, also released a summary of fiscal reforms that emerged during a two-day statewide conference last spring. The reforms include lowering local taxes and making the state budget more accountable and transparent.
The state’s debt has doubled since 1993 and state leaders have added $4 billion in debt over the past year.
