Mortgaging Arizona

There's no question that California has big budget problems, but so far no one has suggested selling the state Capitol.

In Arizona, that idea was just put back on the table by the Republican majority of the state legislature. Faced with what they describe as their worst fiscal crisis in a generation, legislative leaders endorsed a lease-buy back scheme for the buildings used by the state Senate and the state House of Representatives plus several other state properties.

Gov. Jan Brewer, also a Republican, vetoed the idea once, but may have it delivered to her again soon.

The sale would generate an estimated $735 million to help eliminate a $3.4 billion deficit. To buy the buildings back, the state would make lease payments of about $1.2 billion over 20 years.

That beats budget cuts, GOP leaders told the Arizona Republic.

"What are our choices?" asked John McComish, the House Republican leader. "We could cut more, or we could raise taxes more. Borrowing over the long term, we think, is better for the people, better for the economy."

So much for fiscal conservatives ...

-- Jim Sweeney



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