A Country Addicted To Borrowing
Joe Mathews -
November 5, 2008 - 10:16am
DENVER - If you thought the credit crisis, the recession, municipal budget deficits, state budget deficits, federal budget deficits and the $10 trillion federal debt might cure Americans of their love of borrowing, you thought wrong.
New exhibits come in the results of last night's 153 ballot propositions around the country. Fifteen bond measures were on ballots, and 14 passed. Only T. Boone Pickens' Prop 10, a $5 billion general obligation bond, failed. The biggest bond to pass -- it constituted $9 billion of the more than $13 billion approved nationwide -- was Prop 1A in California, a high-speed rail bond. Voters narrowly approved it, even though there is no coherent plan to spend the money.
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