Carolina Journal reports that Dale Folwell, assistant secretary of the Commerce Department says the debt could be erased as soon as one year from now: August 2015. The initial payoff date was November 2015.

 

Folwell has consistently told reporters that paying off the debt quickly is important so that taxes can be lowered for employers who are paying a surcharge imposed on them until the debt is paid.

 

During the Great Recession, North Carolina borrowed the money under the Democratic-controlled General Assembly without a plan to pay it off. The debt was one of the first issues Gov. Pat McCrory addressed upon taking office.