New York's debt load tops $3,200 per person

January 8, 2013 Updated Jan 8, 2013 at 9:26 AM EDT

By WKBW News
By New York has second highest debt in U.S.

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January 8, 2013 Updated Jan 8, 2013 at 9:26 AM EDT

New York state's red ink keeps running deeper and could hinder capital improvements according to the Comptroller Thomas DiNapoli.

He reported Monday that New York's outstanding debt averages $3,253 per state resident, almost three times the national median.

"Taxpayers have little or no say in how much the state borrows, but they're the ones who have to foot the bill," DiNapoli said in the report.

That figure means the Empire State has the second highest level of debt in the country and is approaching its legal borrowing limit. The state's debt capacity is projected to dwindle to $509 million by the end of the next fiscal year.

New York's state-funded debt totaled $63.3 billion as of March 31, second only to California and 80 percent higher than New Jersey, the state with the third highest level. This represents an increase of $24.3 billion, or 62.2 percent, from a decade ago.

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