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Wisconsin to Skip Debt Payments to Make Up for Walker's Tax Cuts
http://readersupportednews.org/news-section2/318-66/28665-wisconsin-to-skip-debt-payments-to-make-up-for-walkers-tax-cutsWisconsin to Skip Debt Payments to Make Up for Walker's Tax Cuts
By Tim Jones
Bloomberg
19 February 15
isconsin Governor Scott Walker, facing a $283 million deficit that needs to be closed by the end of June, will skip more than $100 million in debt payments to balance the books thrown into disarray by his tax cuts.
The move comes as Walker, 47, mounts a 2016 bid for the Republican presidential nomination, and while his state is under stress from a projected shortfall that could exceed $2 billion in the two-year budget beginning in July.
Delaying the $108 million principal payment due in May on short-term debt would free funds. The move doesn’t require legislative approval, the nonpartisan Legislative Fiscal Bureau said in a Feb. 13 memorandum. The terms of the debt sale allow Wisconsin to defer the payment in any given year, a procedure known as a restructuring, without defaulting.
“They need some cash,” said Todd Berry, president of the Wisconsin Taxpayers Alliance, a nonpartisan research group that examines taxes and government spending. “This is kicking the can down the road.”
By Tim Jones
Bloomberg
19 February 15
isconsin Governor Scott Walker, facing a $283 million deficit that needs to be closed by the end of June, will skip more than $100 million in debt payments to balance the books thrown into disarray by his tax cuts.
The move comes as Walker, 47, mounts a 2016 bid for the Republican presidential nomination, and while his state is under stress from a projected shortfall that could exceed $2 billion in the two-year budget beginning in July.
Delaying the $108 million principal payment due in May on short-term debt would free funds. The move doesn’t require legislative approval, the nonpartisan Legislative Fiscal Bureau said in a Feb. 13 memorandum. The terms of the debt sale allow Wisconsin to defer the payment in any given year, a procedure known as a restructuring, without defaulting.
“They need some cash,” said Todd Berry, president of the Wisconsin Taxpayers Alliance, a nonpartisan research group that examines taxes and government spending. “This is kicking the can down the road.”
11 replies
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= new reply since forum marked as read
the campaign ads with animated bouncing checks write themselves. 
What could possibly go wrong? 
