A Maryland panel wants to raise the state's debt limit in the next fiscal year, but the move is facing opposition from at least one financial official in the state. The Capitol Debt Affordability Committee voted Monday to recommend Maryland increase its debt limit another $150 million beyond the current limit, which is $925 million, according to the Associated Press.
Governor Martin O'Malley's administration believes the increase is affordable as revenues have grown faster than projected. State budget secretary T. Eloise Foster argues the borrowed money will help Maryland invest in infrastructure and boost jobs while interest rates are low.
But state comptroller Peter Franchot voted against the change. He believes there are too many questions about the economy and instead of increasing debt, the state should increase financial restraint, according to AP.