Saturday, February 4, 2023
North-JerseyNews.com
  • Home
  • Washington
  • Trenton
  • County
  • Court
  • Roundup
  • Opinion
  • Search
  • Donation
No Result
View All Result
  • Home
  • Washington
  • Trenton
  • County
  • Court
  • Roundup
  • Opinion
  • Search
  • Donation
No Result
View All Result
North-JerseyNews.com
No Result
View All Result
Home County

North Jersey GOP Lawmakers Hit Back on Gov. Phil Murphy’s Borrowing Plan

Nathan Resso by Nathan Resso
June 9, 2020
in County, Trenton
0 0
2
money pink coins pig

Photo by Skitterphoto on Pexels.com

0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

Several North Jersey Republicans hit back at a tax plan being pushed by Gov. Phil Murphy that would see the state borrowing at least $5 billion to offset forecasted tax losses stemming from the coronavirus pandemic.

The New Jersey Assembly passed a bond act June 4 that would authorize the borrowing of up to $14 billion, and included an provision allowing the state to levy a surcharge on property taxes. The bill has not been picked up by the Senate as of yet.

“It’s a borrowing binge backed by the collateral of our residents’ homes and properties, essentially putting a massive mortgage on every property in the state,” argued Assemblyman Jay Webber.

The governor had previously warned of “historic” layoffs among government employees if federal assistance or bonds were not secured to inject cash into government systems.

Taking Issue with State Fiscal Responsibility

Assemblyman Brian Bergen argued the state did not have a history of fiscal responsibility that lend itself to the borrowing of large sums.

“Assembly Democrats seem pretty confident in the state’s ability to pay back a nine-billion dollar loan in three years. I think they’re delusional,” said Bergen.

“We have not made a full pension payment since 1995 and have never fully funded the school funding formula. To think that the state would magically become fiscally responsible enough to handle our obligations is unrealistic,” he continued.

Bergen argued Gov. Murphy, who extended New Jersey’s State of Emergency until July 5, had too much power in the current situation, arguing a bill he has proposed would put limits on the governor’s power during an emergency.

An “Unconstitutional Borrowing and Tax Scheme”

Assemblymen Parker Space and Hal Wirths both voted against the borrowing scheme, blasting it as both incongruent with the state Constitution’s debt limitation amendment and the 2004 Lance vs. McGreevey decision, which further limited borrowing without voter approval.

The pair argued the legislation would effectively provide Gov. Murphy and subsequent administrations with an unlimited credit line, with Assemblyman Space saying that “allowing them to have their ability to borrow that amount of money without voter approval is unconscionable.”

Additionally, the legislators argued New Jersey was already in $218 billion worth of debt.  

“The bills will have to be paid somehow if this borrowing is enacted and there will be no choice that new taxes and tax increases are going to happen. Anybody who says otherwise is being disingenuous. The damage this bill will do to taxpayers, who are already extremely stressed, is unnecessary,” said Assemblyman Wirths.

Share this:

  • Twitter
  • Facebook
  • More
  • LinkedIn

Like this:

Like Loading...

Related

Tags: Assemblyman Brian BergenAssemblyman Hal WirthsAssemblyman Jay WebberAssemblyman Parker SpaceBorrowingCoronavirusCoronavirus PandemicCOVID-19Gov. Phil MurphyLance vs. McGreeveyNorth JerseyState of EmergencyTaxes
Previous Post

North Jersey News Roundup for June 9, 2020

Next Post

Stay-at-Home Order Lifted, Gathering Limits Increased in New Jersey

Next Post
Screen Shot 2020-06-09 at 2.58.48 PM

Stay-at-Home Order Lifted, Gathering Limits Increased in New Jersey

Comments 2

  1. Carl Schwartz says:
    3 years ago

    The GOP doth protest too much; the borrowing was necessitated by the Trump/GOP mishandling of the pandemic (deliberate malign neglect?) and resultant economic depression. To put it bluntly, they should STFU.

    Loading...
    Reply
  2. TB says:
    3 years ago

    Least you forget that former Governor Christie Whitman used NJ pension money to balance the budget.
    https://www.washingtonpost.com/archive/politics/1994/09/05/nj-governors-miracle-budget-shifts-burden-to-the-future/21ffaa84-98a3-49d8-a0ce-74c7117a3968/

    Loading...
    Reply

Leave a Reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

support-Local

Recent Post

DeF DeDone

After Saying She Would, Assemblywoman DeFuccio Will Not Run for Reelection

by James Hickey
February 3, 2023
0

North-JerseyNews.com

Gottheimer: Omar Should Not Be Removed from House Committee

by James Hickey
February 3, 2023
0

North-JerseyNews.com

North-JerseyNews.com Roundup for Feb. 3, 2023

by North-JerseyNews.com
February 3, 2023
1

Popular

DeF DeDone

After Saying She Would, Assemblywoman DeFuccio Will Not Run for Reelection

by James Hickey
2023/02/03
0

North-JerseyNews.com

Gottheimer: Omar Should Not Be Removed from House Committee

by James Hickey
2023/02/03
0

North-JerseyNews.com

North-JerseyNews.com Roundup for Feb. 3, 2023

by North-JerseyNews.com
2023/02/03
1

Subscribe now

Join 100,000+ other subscribers

Select list(s) to subscribe to

ss-tp
2107.JG.FightForJersey

North-JerseyNews.com

When it comes to breaking news North Jersey, North Jersey local news or live news North Jersey, We all look for a reliable source that can give us authentic North Jersey news or local Jersey news.

© Copyright 2021 North-JerseyNews.com

Design and Developed By MOZWEBMEDIA

No Result
View All Result
  • Home
  • Washington
  • Trenton
  • County
  • Court
  • Roundup
  • Opinion
  • Search
  • Donation

© Copyright 2021 North-JerseyNews.com
Design and Developed By MOZWEBMEDIA

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Finance-Currency-Financial-World-Dollar-Funds-634901

Add Your Heading Text Here

Pop-up Design 1 (1)

%d bloggers like this: