Pay no attention to that billion dollar bond figure being floated around. It includes every wish, pipe dream and political gambit in Augusta. There are repeats, rehashes and redundancies. It’s a big number, but it’s meaningless.

Gov. Baldacci has proposed a bond package of $197 million, the same amount of debt that’s expected to be retired during the next two years. It’s a good starting point that defines the governor’s bond priorities, but that’s it. When all is said and done, the number will have to be smaller.

Regardless of the merits of individual spending proposals coming from the governor, it’s unlikely he will be able to secure the necessary two-thirds support in the House and Senate to send his current package to voters. Such support would take Republicans, and $197 million looks too big for their tastes.

Republicans are raising serious questions about what constitutes state debt. Led by Rep. Peter Mills, they peg the state’s indebtedness at about 20 percent of annual revenue. That’s about five times the figure the governor and the New York bond houses use. Despite being placed on a watch list by Moody’s Investors Service early this year, Maine continues to receive a good bond rating from Moody’s and Fitch, both of whom describe the state’s indebtedness as conservative.

There is merit to the Republican numbers, which include obligations not generally considered when discussing debt, such as the liability to the Maine State Retirement System and possible cuts in federal funding for Medicaid. At least part of the discussion about debt is rooted in the broader context of the state budget. As is often the case, negotiations over bonds are tangled among the more contentious issues contained in the governor’s budget. His plan to borrow against future lottery proceeds has drawn considerable ire, as has his plans for Medicaid.

Most state lawmakers agree that bonds are an important tool for the state to use in expanding economic development, conserving and protecting the environment, and maintaining vital infrastructure, like roads, bridges and National Guard armories.

While Democrats and Republicans can disagree about amounts and priorities, it should be clear to everyone in Augusta that investment is crucial for the state’s economy and job growth. Partisan divisions last year prevented any bond from being sent to voters for approval. We don’t need a replay.