ANNAPOLIS, Md. (AP) - A Maryland panel has recommended raising the state's debt limit by $150 million in the next fiscal year.
The state's Capital Debt Affordability Committee voted 4-1 on Monday to allow state to increase the debt limit from the current debt limit of $925 million.
T. Eloise Foster, Gov. Martin O'Malley's budget secretary, says the increase is affordable because the state's revenues have grown faster than earlier projections. Foster also says the move will enable the state to invest in infrastructure and boost jobs, while interest rates are low.
Comptroller Peter Franchot voted against the increase. He says there are too many questions about the economy to justify increasing the debt limit. He noted the potential for big federal budget cuts as one reason for greater fiscal restraint.