FRANKFORT, Ky. (AP) - A proposal to set a debt limit on state spending is expected to receive an initial vote Wednesday in the Senate Committee on State and Local Government.
The bill by Sen. Joe Bowen, an Owensboro Republican, would cap General Fund debt at no more than 6 percent by amending the state Constitution.
If the measure passes, it would then be placed on the ballot for voters to ratify or reject.
Committee Chairman Sen. Damon Thayer, a Georgetown Republican, said 6 percent is a figure that is acceptable to Wall Street bond rating agencies.
Thayer said it is important for the bill to be considered in this session because of national concern about debt.
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