Oroho, Wirths Call for Murphy Administration’s Plans for Billions Budgeted to Retire Debt
Frustrated that the Murphy Administration continues to sit on $2.5 billion the Legislature designated to pay down debt and borrowing continues at a rate of almost $10 million every day, Senator Steven Oroho (R-24) and Assemblyman Hal Wirths (R-24) asked Governor Phil Murphy and State Treasurer Elizabeth Maher Muoio to provide details of their intentions for the funds.
Oroho and Wirths, the Republican budget officers in the Senate and Assembly, wrote to Murphy and Muoio warning that avoidable interest expenses are racking up daily and require immediate attention.
The full text of the letter follows:
Dear Governor Murphy and Treasurer Muoio,
This Friday, September 24, will mark the three-month anniversary of the Legislature setting aside $2.5 billion for debt retirement and giving you the responsibility to achieve that goal.
However, for the past 90 days, these funds have sat unused by you. In the meantime, expensive bonded State debt that could have been retired continues to rack up interest costs. Pension debt that could have been retired is causing the State to miss out on investment opportunities. And your administration continues to add $10 million of debt every day to the Unemployment Compensation Fund already mired in more than $300 million of debt.
Kindly provide us with an update as to how, and when, you intend to use these funds. Allowing another 90 days’ worth of avoidable interest expenses to continue or investment opportunities to be missed would be extraordinarily poor money management.
Thank you for your attention to this request.
Senator Steven V. Oroho
Senate Republican Budget Officer
Assemblyman Hal Wirths
Assembly Republican Budget Officer