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TAIWAN LEGISLATORS VOICE DIFFERENT VIEWS ON ISSUE OF DEBT LIMIT.
TAIPEI, June 2 Asia Pulse - Days after the president's assertion that room still exists for the government to raise funds through the issuing of state bonds, legislators have expressed mixed views, indicating that the government debt issue is likely to become another point of contention in the Legislature.
Ko Chien-ming, secretary-general of the ruling Democratic Progressive Party's (DPP) caucus in the Legislative Yuan, said the government needs to boost its investment in public reconstruction as a stimulus to the stagnating economy, adding that to fund the projects, the government must resort to the issuance of public bonds.
The Public Debt Law stipulates that the amount of government bonds issued in a year must not exceed 15 per cent of the amount of the government's expenditure budget and extra budget for that year.
As the Legislature's spring session is set to end in a week's time, Ko said that the DPP will suggest an amendment to the Public Debt Law in the next session which begins in September to raise the public debt ceiling.
While legislators of the opposition Kuomintang (KMT) have commented that future generations will suffer the consequences of the government's escalating borrowing, DPP Legislator Hung Chi-chang said that as long as the borrowed money is used efficiently in stimulating the economy, the government will be able to repay the debt through the benefits reaped in the resultant resurgent job market and higher consumption.
Supporting the president's comment that there is still room for the government to raise funds through the issuance of public bonds, Hung said that currently the government's outstanding debt stands at around NT$3 trillion, or 32 per cent of gross domestic product (GDP), which is comparatively lower than the ratio of 61 per cent in the United States, 140 per cent in Japan, and 60 per cent in the European Union.
However, People First Party (PFP) legislators Lee Tung-hao and Christina Y. Liu warned of the dangers of an ...
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