Ohio lawmakers are expected to begin hearings this week on Gov. Ted Strickland’s $1.57 billion economic stimulus plan.
The hearings come a month after the Democratic governor trimmed his original $1.7 billion plan to appease Republican legislators who said it relied too heavily on borrowing. While the original plan called for the sale of $1.5 billion of bonds, the current package calls for $950 million. Voters would need to approve roughly $400 million of general obligation and liquor profit-backed bonds, while the remaining $550 million has already been authorized. By decreasing the amount of debt in the original plan, the state will save about $500 million in interest costs over five years, according to officials.