Skip to comments.N.J. to borrow billions to help avert public worker layoffs after Murphy, top Democrats cut deal
Posted on 07/11/2020 7:13:16 PM PDT by Coleus
Gov. Phil Murphy and his fellow Democrats who lead the state Legislature agreed to a plan Friday that would allow New Jerseys state government to borrow up to nearly $10 billion to help make up massive losses in tax revenue wrought by the coronavirus pandemic.
Almost immediately, top Republican leaders announced they plan to file lawsuits to prevent the move, calling the plan clearly unconstitutional.
Murphy said New Jersey is facing possibly a $20 billion hole in its state budget, and borrowing is one of a few necessary moves the state needs to take balance the budget and avoid widespread layoffs of public workers and drastic program cuts. He also said the state will need more federal aid, budget cuts across the board and tax hikes.
The state Assembly passed an early version of the borrowing plan along party lines in early June. But state Senate President Stephen Sweeney, D-Gloucester, was opposed.
The deal Murphy, Sweeney and state Assembly Speaker Craig Coughlin, D-Middlesex, cut Friday creates a new version of the plan. It would allow the state to borrow up to $9.9 billion because of the crisis, Sweeney and Coughlin announced.
(Excerpt) Read more at nj.com ...
What is never said is cutting spending. Murphy, this is your fault jackass for shutting the state down while murdering thousands in nursing homes. Set my people free and let them get back to work jackass!!!!
Is that state even solvent anymore?
NJ was in a huge whole before this Wuhan even hit. Then he sent sick people back to nursing homes like the nipple ringed one and was responsible for half the elderly deaths.
. It would allow the state to borrow up to $9.9 billion because of the crisis, Sweeney and Coughlin announced.\——————————————————
and who would they borrow it from?
Many irresponsible states and cities are going to be holding their hands out as beggars.
I don’t hold individual municipal bonds, but it could get ugly,
Why dont thry just tighten their belts like every citizen has had to do?
Phuck them getting these loans on the taxpayers backs.
Phil’s gonna live on a credit card.
I guess he’s transitioning.
Who or what will loan it the money?
Private folks are struggling with high unemployment, but god forbid a government worker should suffer in any way.
Says everything you need to know about the statist Democrat Party...
They could do like a previous (D) governor here in KY did.
Borrow it from the teacher's retirement fund with a promised payback at 7% interest. That way the fund becomes magically solvent because of the ridiculous interest rate return. And the state has to borrow money later to pay back the borrowed money. It is clearly insane to borrow money via 20 year bonds to finance a budget hole in a single year's budget.
Anyone see a pattern here?
Many states are going to have budget crises due to the economic shut down and severe drop in tax revenues.
In broad general terms, the tax revenue dropped sharply, but expenses stayed the same or actually increased.
The liberals will eventually blame the fiscal problems of states and cities on Trump.
He also said the state will need more federal aid, ...
Our governor, after shutting everything down, is now asking the legislature to come back and raise our taxes.
Put us out of work and then raise our taxes. So glad we have a governor who cares about us.
Brilliant. Destroy the state. People are trying up get out of it anyway
...and, then, the taxpayers.
Anyone see a pattern here?
Democrats cant do math.
The only hope is to starve the beast, but the people of NJ must stand up and demand it. Which isn’t going to happen.
Who is loaning? What is collateral. This is going to get interesting
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