Senate Republican Budget Officer Leonard Lance released the following statement after the Legislature last night authorized a November referendum on whether the state should amend its Constitution to prevent further borrowing without voter approval.
“Voters now have the chance to restore fiscal integrity to our state. I am very pleased that my colleagues in the Senate and the Assembly have given them that opportunity.
“Passage of Senate Concurrent Resolution No. 39 will give voters the opportunity to approve responsible borrowing and say no to irresponsible debt.
“The authors of our Constitution intended that debt be approved by the voters. Amending that document through SCR-39 will put needed force behind that prohibition by closing a loophole that allows borrowing by state authorities.
“We are now mired in a perpetual budget crisis, much of it the result of irresponsible borrowing. I believe that billions of dollars in unneeded debt would not now burden the people of this state had we followed the Constitution and asked voters for their permission to borrow.”
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June 20, 2008
