MORRIS COUNTY — Senator Joe Pennacchio slammed the Democrat-sponsored $10 billion borrowing scheme that could cost New Jersey taxpayers tens of billions of dollars throughout the next four decades:
“It is the definition of insanity to blindly approve borrowing $10 billion when the executive branch has not even proposed a budget yet for next year and we have no clue how much we will actually need. We also shouldn’t forget that Governor Murphy has been sitting on $2 billion of unspent federal funds from the CARES Act for months.
“The governor’s borrowing scheme includes $2.7 billion to fund shortfalls that he says exists in the current fiscal year. That frankly does not make any sense. He recently signed a balanced budget extension bill that will get our State through the end of the fiscal year in September, claiming we’ll end the year with a $1 billion surplus.
“It’s increasingly clear that this borrowing scheme is not about actual fiscal need, it’s about giving Governor Murphy a $10 billion slush fund that our grandchildren will be stuck repaying for a generation.”