Governor Mark Sanford announced that he has completed his review of the stimulus legislation.
Sanford was in Spartanburg Wednesday morning to announce his plans for federal stimulus money. He says the state will take 75% of the federal money, or $2.1 billion. The Governor wants to use the other 25% or $700 million to pay down state debt.
"We've come to the conclusion that it does not make sense to spend money that we do not have. It doesn't make sense at the personal level to spend money you don't have. It doesn't make sense at the federal level to spend money you don't have," said Sanford on Wednesday.
Sanford is sending a letter to the White House asking for a waiver to be able to use that $700 million to pay down debt. South Carolina has the highest per capita debt in the southeast. It is three times higher than Georgia's.
Sanford has beein outspoken about the stimulus bill, insisting they should not fix money problems by spending more money.
"Our objections to the so-called stimulus bill have been well-chronicled for the way it spends money that we don't have and for the way that this printing of money could ultimately devalue the American dollar," Governor Sanford said in a written release. "Those of us opposed to this package lost the debate on these merits, and I now think it is important we look for creative ways to apply and use these monies in accordance with the long-term interests of our state."
Sanford has been criticized by House Majority Whip James Clyburn - a Democrat - over using stimulus money in South Carolina.
“Our Governor has repeatedly expressed political and philosophical aversion to using federal assistance as we work our way out of the economic conditions that are visiting significant difficulties upon businesses and families throughout our beloved state,” said the Sixth District Congressman in a news release.
Clyburn's office says he offered two amendments that were included in the final version of the bill.
The first sets a timetable for Governors to request the federal. If the funds are not requested by the Governor within 45 days, the state legislature can make the request rather than have it revert back to the federal Treasury.
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