By choosing to pander to their public sector union supporters and financiers rather than serve the hard working taxpayers of Wisconsin, the 14 Democrat Senators who are cowering in the People’s Republic of Illinois will bear the responsibility for $165 million in additional debt service costs. Lost amid the well organized protests in Madison and dwarfed by rumors of crippling strikes in the wake of meaningful fiscal reform is today’s deadline for debt restructuring. Governor Walker’s proposed budget repair bill contains a provision for:
Debt Restructuring-The bill authorizes the restructuring of principal payments in fiscal year 2010-11 on the state’s general obligation bonds. These principal repayments will be paid in future years. Since the state is required to make debt service payments by March 15th. The bill must be enacted by February 25th. To allow time to sell the refinancing bonds. This provision will reduce debt service costs by $165 million in fiscal year 2010-11. The savings will help address one-time costs to comply with the Injured Patients and Families Compensation Fund state Supreme Court decision and make payments under the Minnesota-Wisconsin tax reciprocity program.
The obstructionist Democrat Senators disgraceful action will now be paid for by the people of Wisconsin. By evading their duty to their constituents in both the private and public sectors Senators; Tim Carpenter (Milwaukee), Spencer Coggs (Milwaukee), Timothy Cullen (Janesville), John Erpenbach (Middleton), Dave Hansen (Green Bay), Jim Holperin (Conover), Robert Jauch (Poplar), Chris Larson (Milwaukee), Julie Lassa (Stevens Point), Mark Miller (Montana), Fred Risser (Madison), Lena Taylor (Milwaukee), Kathleen Vinehout (Alma) and Robert Wirch (Pleasant Prairie) have consigned a large number of their most ardent supporters to the unemployment line.
