Republicans increased the state debt in the past eight years, leaving the administration little room for new borrowing should tax revenues decline.

The new borrowing would come on top of the county's current long-term debt of $1.62 billion.

But if prices stop rising, new borrowing against home equity will drop, and may disappear.

That is why the interest rate some of the eurozone countries have to pay on new borrowing has been soaring.

This means that even with no new borrowing, the total debt continues to grow.

It also enacted the governor's plan to raise more than $350 million through new borrowing for private and public colleges, officials said.

But the new borrowings have put the authorities in a bind.

The new borrowing has brought nearly $1 billion into the country in less than a year.

But when the pace of new borrowing falls, the economy suffers as less is spent.

While such provisions can help give these obligations a good rating, they make it difficult to finance growth through new borrowing.