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DECEMBER 1998

Comptroller McCall: New York must take drastic steps to kick its debt habit

State Comptroller H. Carl McCall has urged lawmakers to pass constitutional amendments and enact new laws to curb what he calls New York's insatiable appetite for debt.

"New York's borrowing practices continue to move us in exactly the wrong direction," McCall said in a press release announcing his debt reform proposal.

The Comptroller's proposals would:

Comptroller McCall's debt reform provided a "snapshot" of New York's debt that included these details:

"New York continues to be the poster child for poor planning-borrowing more in good times instead of paying off debts, borrowing for things that could be purchased with cash, and squandering an opportunity to put our fiscal house in order," he said.

"New Yorkers recognize that debt is a time-bomb threatening this state's future," McCall said.

December 10, 1998