Kansas to Borrow $900 Million to Cover Next Fiscal Year

[Eugene]

Source: Associated Press

Kansas to Borrow $900 Million to Cover Next Fiscal Year

By THE ASSOCIATED PRESS TOPEKA, Kan. — Jun 22, 2016, 8:38 PM ET

Kansas Gov. Sam Brownback and legislative leaders on Wednesday authorized a record $900 million in temporary borrowing to cover the state's expenses through June 2017.

The State Finance Council, which is led by the Republican governor, voted 8-1 to loan the state's main bank account the money from other, idle funds.

The move, known as a certificate of indebtedness, is one the state has used repeatedly to cover bills when cash is expected to run low. It's similar to when a family borrows from a savings account or college fund to cover monthly bills because its checking account is temporarily short of funds between paychecks.

The only dissenting vote Wednesday was from Senate President Susan Wagle, R-Wichita, who believes the state is in a recession.

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Read more: http://abcnews.go.com/US/wireStory/kansas-borrow-900-million-cover-fiscal-year-40060847

[dhill926]

1. heckuva job there, Brownie...

[underpants]

2. Mmm capitalism. When you get in it too deep that's when someone offers you credit.

And you are screwed.

[The_Casual_Observer]

3. Trickle down only works in the toilet

[Warpy]

4. The only thing Brownback can do is bite the hands that fed him

and jack taxes on the 0.1% sky high, especially on the Koch boys, the ones who got him into this mess.

Somebody needs to tell him that when dogma doesn't work, you get rid of the dogma.

[Shrike47]

5. Borrowing from yourself doesn't seem as bad to me. They are just moving their funds around.

[Ohioblue22]

6. If you can't pay it back or don't intend to pay it back are you really borrowing it?

[friendly_iconoclast]

7. 'Credit card Republicanism' strikes again...

[fasttense]

8. Legalize and tax cannabis and the state would be solvent for a long, long time

But then RepubliCONS couldn't have their war on drugs.