Rhode Island’s top House Republican argued in a long letter to his colleagues that the state should not pay back the 38 Studios bonds, despite warnings of a general obligation downgrade from Moody’s Investors Service.

“I can’t believe anyone bought this stuff,” Rep. Brian Newberry, R-North Smithfield, leader of a tiny GOP minority, said in an interview. He argues that the state would save money by not paying, even with a multinotch downgrade.

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