Securitization Bill Nears Final Approval In House

A quick fix to the state cash flow problem is defended during House debate as the chamber overwhelmingly approves selling tobacco revenues to raise $600-Million up front. The so-called tobacco securitization bill actually needs one more formal vote to pass the House. It would sell thestate stake in $1.1-Billion in tobacco payments over the next 25 years for $600-Million now. The bill is being promoted as a way to shore up the state budget for next year, which is estimated to be $167-Million in the red.