This borrowing does, however, represent a positive step. Unlike other debt issued in the past, this borrowing will be presented to the voters for their approval. It s an encouraging move away from New York s tired old tradition of backdoor borrowing. Our children and grandchildren deserve the same opportunity we ve been blessed with to make choices about how to improve our State. The lack of a long-range overall debt reduction plan means that their opportunities will be constrained by the need to pay debts we re building now.
Every financial decision is a trade-off.
I believe the need to continually improve our transportation infrastructure is worth the proposed borrowing. I will continue to push the Governor and Legislature to adopt more responsible borrowing for the future, and if the bond act is approved, I ll be watching to make sure it s invested right. Back in 1994, New York State issued debt for 49 percent of non-Federal capital financing. While I recognize that it is too early to project a surplus for current fiscal year, revenues appear to be exceeding budget projections. The projects proposed to be funded by the bond act are greatly needed to ensure that New York remains economically competitive.