State lawmakers stuck to the broad outlines of a deal reached between Republican and Democratic leaders last week. Earlier this week, the Appropriations Committee approved a package of bonds worth $83 million to fund important infrastructure and economic development projects around the state.
The Legislature is expected to meet today in special session to consider the package.
Both Republicans and Democrats can likely find fault with the borrowing. Some Republicans maintain that the state can’t afford to borrow anything; some Democrats, also dissatisfied with the amount, point to worthy projects that have been left out. We’d expect to see amendments offered today to both cut or enlarge the borrowing plan.
We believe that leaders in both parties and members of the Appropriations Committee have crafted a reasonable compromise on bonds that both parties should be eager to support. The amount has reduced by more than half a $197 million borrowing proposal presented by Gov. Baldacci, but still manages some money for most of his priorities, including $20 million for economic development, $33 million for transportation, $12 million for land conservation and the working waterfront initiative, $9 million for education and $8.9 million for clean water, environmental and health projects.
It takes the support of two-thirds of the legislators to place the bond package on the ballot in November. Last year, a bitter partisan feud killed state investment in its infrastructure, with Republicans saying “no” to bonds. Partisanship has remained in full bloom this year, but the two parties appear to agree that the state has vital needs that are best addressed through a responsible bond plan.
As legislators gather in Augusta today to consider new borrowing, they should remember that there are two types of debt that can burden a state. There’s money that is owed, and there are needed investments that are not made. By not approving a bond package last year, lawmakers left important work undone. Put off, the cost of repairs increase. Roads are in a little worse shape. Opportunities have been missed. Jobs have been lost to other states.
The bond package is good for Maine. It deserves the support and a chance to be judged by voters this fall.
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