Massachusetts lawmakers are considering legislation that would allow the commonwealth to extend its financial guarantee on $2.2 billion of Massachusetts Turnpike Authority debt - a move that would allow the authority to use the state's higher credit rating yet at the same time increase its outstanding bond obligation.

The Senate Ways and Means Committee today will hold a public hearing on the measure after House members passed the initiative on Tuesday after including it as an amendment to a $3 billion bond bill to support bridge repair.

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