D.C. Council to consider borrowing cap

How to cut up a whole chicken with scissors D.C. Council to consider borrowing cap WASHINGTON - D.C. Council members will consider setting a legal cap on the amount of bonds the District may issue for new projects, heeding warnings of debt-related financial peril if the city continues to borrow at an “unsustainable” rate. Council Chairman Vincent Gray last week introduced legislation that would restrict the District’s overall debt level to 12 percent of its annual expenses. The ratio is expected to reach 11 percent next year, already a percentage point above Chief Financial Officer Natwar Gandhi’s recommended ideal limit. “This legislation will send a strong message to the bond-rating agencies that the District of Columbia is taking the issue of managing its borrowing and debt seriously,” Gray said. “This legislation will... [read full story]