Viddler

The best way to stimulate South Carolina's economy is to pay off some old bills. Thats according to Governor Mark Sanford, who announced today that he is requesting a waiver from President Obama.
That waiver would allow the state to use $700...

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The best way to stimulate South Carolina's economy is to pay off some old bills. Thats according to Governor Mark Sanford, who announced today that he is requesting a waiver from President Obama.
That waiver would allow the state to use $700 million in federal stimulus money to pay down debt.
"On the portion of the monies that we control -- which is about 25 percent of the total -- what we are going to do is send a letter out this afternoon to the Obama Administration laying out both our concerns and a request for a waiver that would allow us to take that money and allocate it to paying down South Carolina debt that has accrued over the years," Sanford said.
Experts predict that Obamas stimulus plan could end up costing taxpayers millions in the long term. Sanford said his proposal might help offset some of that burden.
"Fundamentally, if you boil down what the stimulus would mean for South Carolina, it means we would go through the process of spending a bunch of money we don't have," Sanford said. "And there would be a price to be paid 24 months from now when those funds dry up.
But critics of Sanfords plan say the governor is passing the buck.
House Speaker Bobby Harrell told the Post and Courier that Sanford has influence over the entire $8 billion granted to South Carolina. Using a lower number, Harrell said, is merely a political move.

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