ALBANY – Responding to Mondays warning by Comptroller Thomas P. DiNapoli that New York state has amassed roughly $63.3 billion in debt, Assemblywoman Addie J. Russell, D-Theresa, said she is willing to work toward reigning in aggressive spending by public authorities.
The state is capable of borrowing only an additional $509 million before it reaches a legislatively enacted debt ceiling that ties borrowing to 4 percent of personal income.
Mr. DiNapoli said 95 percent of the debt was accrued by public authorities during the last decade without the publics approval. Public authorities are tasked with many responsibilities, like the Thruway Authority that maintains the states road system, the Associated Press reported.
I think its something that we have to address in our budget, Mrs. Russell said. It is one of the reasons why Ive supported these tough budgets.
Mr. DiNapoli recommended the state Legislature move to create laws that remove the ability of public authorities to borrow without public oversight.
Thats something that I can support, Mrs. Russell said,
State Senator Patricia A. Ritchie (R-Heuvelton) said she is going to wait to see what Governor Andrew M. Cuomo proposes in the executive budget before she discusses her thoughts on the issue. She said she wants to see what the Governor and the Assembly and Senate leadership work out.