Quantcast

South Carolina House to debate $500M borrowing plan - Live5News.com | Charleston, SC | News, Weather, Sports

South Carolina House to debate $500M borrowing plan

(Source: AP Stock Graphic) (Source: AP Stock Graphic)
By SEANNA ADCOX
Associated Press

COLUMBIA, S.C. (AP) - The South Carolina House is expected to debate a proposal to borrow $500 million for building projects statewide.

The House continues its work Wednesday on the budget committee's $6.9 billion state spending plan for the fiscal year that starts July 1. There's been little debate so far, with most sections receiving unanimous support.

But the borrowing proposal has divided the GOP majority.

Republican Gov. Nikki Haley opposes that idea, saying it runs up the state's credit card.

But GOP Ways and Means Chairman Brian White says it takes care of state infrastructure needs now - at current construction prices - while the cost of borrowing remains near historic lows. It would not increase what the state spends on interest because old debt is being paid.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by Frankly