Using MasterCard to Pay Visa

I opened the Richmond Times-Dispatch this morning and saw my picture.

This does not happen often. Northern Virginia Democrats are not usually a favorite of the RTD.

But yesterday, as House Democrats were asking questions about the financing mechanism for the House Republican’s smoke-and-mirrors transportation funding plan, we took out our credit cards and waved them in the air.

It was part of our effort to point out that the Republicans’ highly touted $2.4 billion bonding bill gets its money by double counting money, borrowing, and raiding the general fund.

So now, our conservative friends are accusing us of opposing the use of bonds.

Let me say this in small, simple words: House Democrats are not against bonding.

However, we do want to emphasize that bonding is a financing mechanism, not a revenue source. The funds that the bill is proposing to designate for repayment of the 2006 bonds are ALREADY designated to repay the Gilmore-era FRANS.  I am certainly no financial genius, but I know you can’t spend money twice. If we now designate the insurance proceeds to repay 2006 debt, then the funds to repay the Gilmore bonds will have to come from somewhere else. Just because you haven’t reached the credit limit on your credit card doesn’t mean you have more money.

4 thoughts on “Using MasterCard to Pay Visa”

  1. Kris –

    My take on this (as I layed it out in the comment section of my blog) is that many of the Republicans facing possible close elections next year are just posturing here. I know it’s impossible to know someone’s real intentions, but it seems to me that one of the following must be true:

    1. These NOVA Republicans have absolutely no influence in their caucus. They couldn’t even fashion a compromise for a meager regional funding plan.

    2. The point of this whole exercise was so they could put something on their brochures next year. Political kabuki theatre…

    I’m not accusing them all of this – I think some may have legitimate concern for the transportation problem…but judging by their past actions, I think some fall into category 1 and category 2…and I’ve got to say: Kudos! I think it’ll work. They’ll have their brochure with their shiny quotes from the Governor and Democrats praising their bipartisan work to fight for transportation.

    And meanwhile, Northern Virginia will continue to be crushed by gridlock that grows exponentially.

  2. VC, you’re right that they’ll spin it that way. But as for it working, don’t you think voters will see that they are never going to get what is needed with a Republican majority, and decide that even though they may like some things about Vince, Michelle, Dave, and Jeff, they are well aware that to have any hope of relief from exponential gridlock, a switch in powers is necessary.

    I think people can see that provided Democratic candidates and the caucus coordinate that message and find excellent candidates with good resumes and earnest desire to bring REAL CHANGE to the Virginia House.

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