LePage: “We have a couple of communities [in Maine] that are ready to default.”
On February 15, 2011 At 1:45 pm
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Gov. Paul LePage addressed a Joint Session of the Maine Legislature last Thursday, 10 February, in which he outlined his proposed budget for the next biennium (listen here.
During a period in which he left his prepared remarks, he mentioned that two communities is Maine that are “ready to default. In an email sent immediately after his address, I asked Gov. LePage’s press spokesman exactly which communities these are.
I have yet to receive a response of any kind to my question.
I have transcribed the section in which Gov. LePage mentions these couple of communities. The text that is struck through was part of the prepared remarks he did not read. The underlined is what he added:
We owe twice as much in debt as we expect to collect in
General Fund Revenuesthe next biennium. Over the next two years and ourthe State of Maine debt as a percentage of state GDP is twice the national average; twice. There are several states that I was reading this week that our teetering on default with municipal bonds. They are Texas, New Jersey, and New York, and folks, we’re only a few numbers behind them.
Because whether or not the State defaults, we have a couple of communities that are ready to default. So folks, it is a lot more serious than anyone is willing to give it credit.
That’s the bad news.
Gov. LePage continues to speak extemporaneously for another couple minutes before rejoining the prepared text.