Gov. Walz proposal to increase state debt by 10% in one year “irresponsible”

Today Governor Walz announced his proposal to take out another $1.3 billion in bonds backed by state taxpayers. If passed, the $1.3 billion in borrowing would be added to the state’s current debt of $12.4 billion, as detailed by MMB in a recent report to the Legislature (page 7).

John Hinderaker, President of Center of the American Experiment, released the following statement:

“It’s not enough the national debt just hit a record $22 trillion, now Governor Walz wants to run up the state debt by 10% in just one year. It’s irresponsible to put Minnesota taxpayers in the position to have to pay back this debt, plus interest, over the next twenty years.”