Some Massachusetts Lawmakers Mull Deficit Borrowing

Piazza, Johanna
April 2003
Bond Buyer;4/24/2003, Vol. 344 Issue 31621, p4
Trade Publication
As lawmakers in Massachusetts attempt to close an estimated 3 billion dollar budget gap for fiscal 2004, some lawmakers are looking at deficit financing to cure the state's fiscal woes. Senator Eric Montigny, the Democratic chairman of the Senate's long-term debt committee, is pushing to bring the idea of deficit borrowing into budget conversations and plans to introduce the subject in a public hearing in early May 2003. A spokesman for Governor Mitt Romney said the freshman governor has maintained staunch opposition to the possibility of floating bonds to cover the state's operating expenses, mainly because Massachusetts already has the second-highest debt per capita in the nation and a negative outlook on its credit rating from Moody's Investors Service Inc. Massachusetts relied on deficit financing in the late 1980s and early 1990s, when former Governor Michael Dukakis approved the issuance of approximately $1.87 billion to balance the state's budget.


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