NYS Comptroller: we can’t borrow our way out of crisis
March 10th, 2010 | Published in News
3:51 PM, March 10, 2010 ι By MAGGIE HABERMAN
State Comptroller Tom DiNapoli came out hard against Lt. Gov. Richard Ravitch’s “borrow-our-way-out” proposal for the state’s fiscal crisis, saying, “Borrowing bililons is part of the reason we’re in the current crisis.”
“Borrowing to plug a deficit has serious consequences,” DiNapoli said in a statement. “For every dollar the state borrows, we end up paying two dollars back. And all those dollars we spend paying off debt are dollars that can’t be used to teach our children, keep us safe, provide health care or give taxpayers some relief.