Today in the Senate Appropriations Committee, members heard the explanation by Fiscal Research that the proposed Senate budget would authorize an additional $306.6 million in new debt over the next 4 years.
But once again, not one penny of this debt will be approved by you, the voters of North Carolina as stated in the North Carolina Constitution.
This is nothing new. Over the past 7 years, the General Assembly has issued $3.1 BILLION in new debt without your approval.
If this new debt is authorized, the total state debt will exceed $8 billion and service on the debt will continue to grow from its current cost of $643 million per year.