Speaker Coughlin to Schedule Full Assembly Vote on the COVID-19 Budget Recovery Bond Act

Legislation Authorizes the State to Borrow Federal Funds to Respond to the Economic Impact of the Coronavirus Pandemic

(TRENTON) – Assembly Speaker Craig Coughlin (D-Middlesex) announced today that the “COVID-19 Budget Recovery Bond Act” has been scheduled for a vote in the General Assembly on Thursday, June 4. The Speaker issued the following statement:

“As I have previously indicated, to help us through the unique challenges and the significant revenue loss the coronavirus public health emergency has caused, I will support legislation to responsibly borrow funds to make up for our substantial revenue shortfall and stimulate our economy.

            “I believe the time has come to take the next step to enable the borrowing by posting the ‘COVID-19 Budget Recovery Act’ for a vote in the full Assembly on June 4.

“The coronavirus pandemic represents the greatest public health and economic challenge we have faced since the Great Depression, nearly a century ago.

“Our residents face record unemployment, loss of business and difficulty in paying rents and mortgages.  The middle class is struggling to make ends meet.

“Furthermore, the State Treasurer estimates the revenue loss in excess of $10 billion.  It’s an economic tsunami that requires an extraordinary action.  I therefore support the Governor’s proposal to meet this crisis in the most prudent and immediate fashion. 

“While not ideal, I will support the borrowing of necessary funds through bonding, provided the sacrifice is spread evenly and that proper Legislative oversight is included, to ensure our economic position is strengthened for both the present and future.”