Credit limit?

Gov. Mike Easley and other top officials expressed concern today over a borrowing plan.

The Council of State, made up of the state's 10 highest elected officials, next month is going to consider a resolution that solidifies the reservations it has with using certificates of participation for borrowing instead of voter-approved bonds, Andy Curliss reports.

Easley pointed out that he's wanted the state to issue no more than $25 million without a public vote. "There's too much reliance on COPs," the governor said.

Labor Commissioner Cherie Berry and State Auditor Les Merritt also voiced strong concerns about the possible increased borrowing.

"It's like having a credit card," Merritt said.

More after the jump.

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His current budget proposal would use COPs to borrow about $250 million, however.

The House wants to borrow $400 million with COPs in its budget plan. The Senate went futher — it proposes about $1.2 billion in COPs borrowing.

The governor, House and Senate now are negotiating over the different proposals to assemble one budget that can pass muster with all three.

The discussion today came after the council approved COPs borrowing of about $200 million for a variety of projects already under way, including a parking deck near the state museums in downtown Raleigh.

The vote on the measure was 5-3.

Opposed were Insurance Commissioner Jim Long, Berry and Merritt.

In favor: Easley, Lt. Gov. Beverly Perdue, Treasurer Richard Moore, Agriculture Commissioner Steve Troxler and Attorney General Roy Cooper.