Walker says refinancing option may be lost - WAOW - Newsline 9, Wausau News, Weather, Sports

Walker says refinancing option may be lost

MADISON (AP) -- Gov. Scott Walker's office says the option of refinancing debt in order to save $165 million will be lost if Senate Democrats do not return and pass the bill by Tuesday.

Democrats left town on Feb. 17 to delay indefinitely a vote on the bill that also takes away nearly all collective bargaining rights for most state workers.

But the debt refinancing was the major way Walker proposed plugging a $137 million budget shortfall for the fiscal year that ends June 30.

Walker spokesman Cullen Werwie says in a statement Monday that not refinancing the debt will lead to more painful and aggressive spending cuts. Walker has also threatened to start issuing layoff notices this week to state workers if the bill isn't passed.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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