Statements from Senate Republican Budget Members on Democrats’ $10 Billion Borrowing Scheme
The Republican members of the Senate Budget & Appropriations Committee issued the following statements in response to a private, partisan agreement between Governor Phil Murphy and Democrat legislative leaders to borrow $10 billion to fund State spending next year.
Senate Republican Budget Officer Steven Oroho (R-24): “My predecessor, Senator Bob Littell, called a debt issuance one-quarter this size in 1997 ‘wacko.’ Today, taxpayers are still paying off that debt. This debt issuance is ‘wacko’ on steroids. It’s billions of debt for operating expenses with tens of billions of interest more, and won’t be paid off for decades. It’s unbelievably irresponsible. I appreciate the magnitude of the fiscal crisis we are in, but we haven’t even exhausted other fiscal management practices. This borrowing scheme is reckless behavior that will only exacerbate our problems long term.”
Senator Michael Testa (R-1): “The Governor and Democrats agreeing to issue $10 billion of debt for operating expenses isn’t just unconstitutional, it’s insane. Taxpayers will be paying for this madness for the next 35 years.”
Senator Sam Thompson (R-12): “This $10 billion of borrowing is going to create a feeding frenzy of spending in Trenton that taxpayers will be paying for until 2055.”
Senator Declan O’Scanlon (R-13): “This plan represents fiscal irresponsibility on a scale that is unprecedented even by Trenton standards. That’s exactly why borrowing schemes like this must be approved by the public.”