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 Republicanâ€™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 Republicansâ€™ 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.Â 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 havenâ€™t reached the credit limit on your credit card doesnâ€™t mean you have more money.