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Borrow or Bust: CA School District Owes $1 Billion

Did you ever wonder how big government spenders can–in good conscience–pile up crushing government debts without any thoughts about the long-term consequences?

Yeah, us too:

More than 200 school districts across California are taking a second look at the high price of the debt they’ve taken on using risky financial arrangements. Collectively, the districts have borrowed billions in loans that defer payments for years — leaving many districts owing far more than they borrowed…

Perhaps the best example of the CAB issue is suburban San Diego’s Poway Unified School District, which borrowed a little more than $100 million. But “debt service will be almost $1 billion,” Lockyer says. “So, over nine times amount of the borrowing. There are worse ones, but that’s pretty bad.”

Reminds us of the way Obama’s been running his budgets for the last four years.

Read the full story at FoxNation.

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