Walker Borrowing Tops $2.1 billion, Kicks Can down the Road.

Bonding is another word for borrowing. Republicans have it down. Nonpartisan groups should not fall for this little trick. Let’s call it what it is.

Wisconsin Taxpayers Alliance: Governor Walker (R) requests over $2.1 billion in borrowing in his 2013-15 state budget, according to a new report by the Wisconsin Taxpayers Alliance (WISTAX). "State budget sticking points (II): Debt and deficits."

The governor’s proposed 2013-15 budget contains $1.03 billion in new bonding, with virtually all for transportation ($0.99 billion). The capital budget asks for an additional $1.15 billion in borrowing, the largest part of which is for the University of Wisconsin System. Total requests of more than $2.1 billion represent about 16% of outstanding debt as of last summer.

The administration is also asking for $2.01 billion in additional bonding authority to refinance existing debt with the intent of cutting interest costs, WISTAX said.

In addition to rising state debt, the report also notes a return to rising deficits under generally accepted accounting principles (GAAP). The GAAP deficit is projected to fall to $2.06 billion this June, down from $2.99 billion in 2011. However, under 2013-15 budget proposals, the deficit would increase to $2.36 billion next year and to $2.64 billion in 2015.