Washington lawmakers are weighing a public works spending plan of more than $1 billion that would be funded by revenue bonds backed by hazardous material taxes.
Senate Democrats are putting together the package and are still trying to get Republicans — who have indicated some interest — fully on board, according to the Seattle Times.
Lawmakers are trying to come up with a plan that would satisfy underwriters and still maintain the state’s rating, the newspaper reported.
The newspaper said the money would fund a wide range of projects from schools to sewer and water projects.
The plan would leverage an existing tax.
Labor and construction lobbying groups are pushing for a package as big as $2 billion, the paper said.
Lawmakers also said that lowering the state’s debt limit has been discussed during talks over the package.
Last year, a push for a constitutional amendment to reduce Washington’s debt limit failed.
The amendment would have reduced the state’s debt limit to 7% from 9% of general revenue and revised the formula used to calculate it.
