Higher State Borrowing Proposed Over Franchot’s Objection

A state debt committee voted to increase Maryland’s borrowing by $150 million next year to almost $1.1 billion, and the decision left Comptroller Peter Franchot steaming. “One week we are taking in less money, and the next week we are spending more,” Franchot said in an interview, referring to a write down of estimated revenues Dec. 9. “We are doubling down with a vote on a failed economic model” – that higher taxes, more spending and more debt can reduce unemployment.

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