Paying off that debt will strain state budgets for years to come. For the fiscal year that starts July 1, the state must make a $232 million debt payment out of its general fund.
This latest borrowing to help cover the state's massive budget deficit is a stopgap measure, which some politicians say will leave Arizona having to spend hundreds of millions of dollars a year on repayments that could have been spent on programs or used to reduce taxes.
"For a conservative Legislature, which is what we've tagged ourselves, we've borrowed a huge amount," said state Rep. Bill Konopnicki, R-Safford.
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