State Treasurer Curtis Loftis has come under fire in South Carolina for an accounting error that left the state grappling with a $1.8 billion fund discrepancy. Loftis has dismissed calls for his resignation as a witch hunt, blaming retired staff members and other agencies for the mistakes. The error, which arose during a computer system change in the 2010s, was not reported to the General Assembly until recently. Loftis insists his agency is working to rectify the situation, while lawmakers, such as Sen. Larry Grooms, demand his resignation and have passed a resolution to oversee the Treasurer’s Office until the issue is resolved. The state’s borrowing power and credit rating are at stake, with Republican senators and others holding Loftis responsible for the accounting problems. A private audit revealed the discrepancies, leading to the resignation of the Comptroller General and the State Auditor. In a tense exchange with lawmakers, Loftis defended his office’s actions and placed blame on others for the prolonged accounting error. Despite Loftis claiming that South Carolina’s borrowing power has already been compromised, a memo from the Senate Finance staff suggests that the state’s ability to borrow and undertake debt remains intact. The situation remains contentious, with political tensions running high as various parties seek to assign responsibility for the accounting debacle.
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