Sweeney-Coughlin Statement on Emergency Borrowing Commission

TRENTON – Senate President Steve Sweeney and Assembly Speaker Craig Coughlin issued the following joint statement today on the role of the Select Commission on Emergency COVID-19 Borrowing, the legislative panel responsible for approving proposals to borrow funds to address the fiscal and economic problems caused by the coronavirus outbreak:

“The COVID-19 Select Commission has a simple but important responsibility: to say ‘yes’ or ‘no’ to proposals by the administration to issue bonds. The Legislature agrees that the Executive Branch needs the ability to consider borrowing as a means of dealing with the economic disruptions caused by the coronavirus pandemic. But, it is important that the Legislature fulfills its oversight responsibility by approving the amount and timing of any borrowing so it is done responsibly. This does not alter in any way the requirement that all spending decisions on this revenue go through the legislative budget process and be subject to review by all legislators. The Senate and Assembly budget and appropriations committees include a diversity of members who represents all of New Jersey, and the views of the committee members will drive the important decisions on how the money is used.”