Doherty: Democrats $10 Billion in New Debt Runs Roughshod Over NJ Taxpayers and the Constitution

Senator Michael Doherty (R-23) released the following statement in response to Governor Phil Murphy and legislative Democrats approving $10 billion in unconstitutional borrowing:

“I was proud to join with many of my colleagues in the legislature to vote against this risky and reckless borrowing scheme, which saddles New Jersey taxpayers with $10 billion in new debt, and tens of billions of dollars in future interest payments.

“For the next 35 years, New Jersey taxpayers, as well as our children and grandchildren, will pay the price for the fiscal incompetence of Governor Phil Murphy and Trenton Democrats.

“This ill-advised scheme will have a devastating financial impact on every single State budget for a generation. Far worse, the $10 billion in new debt is being borrowed without voter approval, which is in clear violation of the New Jersey Constitution. For the sake of our overburdened taxpayers, I hope that the legal challenges that have been filed will be successful in stopping this reckless and unconstitutional plan.”