Legislation aimed at reducing Kentucky's debt is headed to the Senate floor. The measure seeks to lower overall debt over time.
The bill limits general fund supported debt to 6 percent of general fund revenues. Sponsor Joe Bowen told budget committee members the state's current debt ratio is at 8.1 percent, including the state's participation in county courthouse construction borrowing.
The Owensboro Republican used a well-known historical figure to further his argument.
"John Adams, one of our founding fathers said that there are only two ways to conquer and divide a nation," said Bowen. "One is by the sword and the other is by debt."
Bowen said it would be well into the next decade before Kentucky's debt ratio fell to 6 percent. The Daviess County lawmaker said the proposed legislation allows for higher debt in the case of a state of emergency.
Louisville Senator Morgan McGarvey says the bill is widely supported.
"Yes, I think there is bipartisan support for Senator Bowen's bill. None of us wants to see government run up a big debt. We do need to live within our means, so there is a big broad bipartisan support for that initiative," said McGarvey.
Bowen, meanwhile, expects the full senate to approve the bill, but also anticipates a much taller challenge in the House.
