Wisconsin's Republican Gov. Scott Walker said on Monday that absent senate Democrats have 24 hours to return and vote on a measure to reduce the power of public sector unions or the state will miss out on opportunity to refinance its debt.
"Now they have one day to return to work before the state loses out on the chance to refinance debt, saving taxpayers $165 million this fiscal year," Walker's spokesman Cullen Werwie said in a statement.
Under Walker's proposal, Wisconsin's general obligation bonds would be restructured and that would push debt service payments due by March 15 into future years to save the current state budget $165 million. The deadline is because it takes a couple of weeks for the state to prepare to go to the bond market and implement the refinancing before the payment is due on March 15.
"Failure to return to work and cast their votes will lead to more painful and aggressive spending cuts in the very near future," the statement said.
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I love this guy! The people elected him to do a job, and he's certainly doing it. When times are tough, there really are very tough choices to make. Too bad so many other governors and legislators cave it.
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