New York Gov. David Paterson wants to break the state's debt addiction. If he has his way, pay-as-you-go financing will overtake debt as the primary vehicle for capital financing by fiscal 2014.
It may be good fiscal policy, but moderation is one of the few options New York has. According to Division of Budget revenue and debt projections made in October, the state would exceed its statutory debt cap in fiscal 2013 unless it cut back on borrowing or total personal income in the state rose, or the law was changed.