By Tony McVeigh
Frankfort, KY – The Kentucky House is poised to vote today on a 367-page biennial state budget bill approved last night in committee. The $17.5 billion dollar spending plan cleared the House Appropriations and Revenue Committee on a 19-5 vote. The only Democrat voting no was Louisville Rep. Jim Wayne. He's concerned about the $2.2 billion in total bonded indebtedness in the budget.
"The news this evening that we have a historically high debt at 7.43% ratio is just appalling in this time. And so I don't think it's a responsible thing to vote for this, so I vote no."
But House budget chairman Rick Rand says bond rates are low and it's a good time to borrow. And he's confident the bond rating agencies will be pleased to see the budget includes a $21 million surplus in the second year.