Hawley opposes $10.6 billion debt service bill approved in Legislature

Assemblyman says excessive borrowing burdens future generations

Press Release, Assemblyman Steve Hawley

Assemblyman Steve Hawley (R,C-Batavia) announced his opposition to the $10.6 billion debt service budget bill (A.10002-A), citing concerns over excessive borrowing and the long-term financial burden it places on New Yorkers, especially future generations.

“While this bill fulfills legally required debt payments, it is part of a much larger and troubling pattern of overspending and over-borrowing,” said Hawley. “New York is already one of the most indebted states in the nation. Continuing down this path only deepens the hole we are leaving for our children and grandchildren.”

The proposal provides funding to cover principal and interest payments on the state’s existing debt, including general obligation bonds, revenue bonds and other contractual obligations.

Hawley pointed to the state’s growing debt load, which is projected to reach $72.2 billion in Fiscal Year 2027 and nearly $99 billion within five years as a clear warning sign.

“Instead of tightening our belts and prioritizing responsible budgeting, Albany continues to rely on borrowing to fund its agenda,” Hawley said. “More than three-quarters of these debt service payments are going toward interest alone. That’s money not going to taxpayers’ needs, but to servicing a growing mountain of debt.”

Hawley also raised concerns about the state’s reliance on public authority debt, which accounts for approximately 96% of state-related debt and is often issued without direct voter approval.

“This lack of transparency and accountability is deeply concerning,” Hawley added. “New Yorkers deserve to have a say when the state takes on massive financial obligations that will impact them for decades.”

While acknowledging the necessity of meeting existing debt obligations, Hawley emphasized the need for a shift toward fiscal discipline and long-term sustainability.

“We must break this cycle of borrowing and start making responsible choices today,” Hawley concluded. “If we fail to act, it will be our children and grandchildren who are forced to pay the price.”