Assembly passes debt-service appropriation bill as debate highlights long-term state borrowing

The New York State Assembly voted 112-35 to pass Assembly number 3002, a debt-service budget bill that appropriates $10.7 billion to support cash debt-service payments estimated at $2.3 billion for fiscal year 2026.

Chair Patlow, who explained the bill to the chamber, said the measure "provides for $10,700,000,000 in appropriations to support debt service payments totaling $2,300,000,000 for the state fiscal year 2526." He told members the payments "are estimated to decrease by $845,000,000 from the prior year" and said the bill permits the state to meet legally required payments on outstanding bonds and other state-supported obligations.

The bill funds debt for $65.1 billion in outstanding state-supported debt, Chair Patlow said, noting those borrowings "allow the state to sustain transportation infrastructure, State University of New York, City University of New York, and other educational facilities,…