House committee proposes $150M for roads, $70M for Volvo

COLUMBIA, S.C. (AP) — The House’s budget-writing committee wants to put $150 million of additional revenue toward fixing existing roads and $70 million toward meeting South Carolina’s promises to Volvo.

The Ways and Means Committee unanimously advanced a supplementary budget bill Monday that spends additional revenue. It would leave the state borrowing $50 million to fund an interchange off Interstate 26 and a road to the future Volvo plant in Berkeley County, as Gov. Nikki Haley and Commerce officials promised.

The committee’s Republican leaders say borrowing the full $123 million would exceed the state’s capacity for economic development bonds, requiring the state to make interest-only payments on the debt.

On Friday, state economic advisers certified an additional $415 million in revenues above previous expectations. The Legislature has full discretion on $300 million of that.