A bill substantially scaling back the amount of debt the state can assume without voter approval has passed the state Senate and is now before the House. Senate Bill 129, sponsored by Sen. Tommy Tucker, R-Union, would limit “special indebtedness” incurred through the State Capital Facilities Finance Act to 25 percent of all General Fund debt. It is currently at 40 percent.
This legislation is a major step in the right direction, as I’ve written in the past that non-voter approved debt is something that should be done away with completely, and a huge majority (83%) of North Carolinians agree.
After all, it is us taxpayers that are forced to pay back the debt, and legislators running up our debt without our consent is akin to credit card theft.