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Posted on: February 8, 2024

ICYMI: Murphy Admin Admits to Putting Bloated Budget Ahead of Infrastructure Projects

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Today, in a story published by POLITCO, the New Jersey Department of the Treasury admitted that padding a bloated budget with $160 million was more important than saving three times that amount for a critical fund (TTF) that improves roads and transportation improvements for New Jerseyans.

The formal memorandum from the Office of Legislative Services points out that reducing the Transportation Trust Fund (TTF) debt issuance in November by $500M would have saved three times what was saved by the recent $500M Murphy/Muoio defeasance. The smaller savings under defeasance was to the budget, while the much larger savings that could have been achieved for TTF would simply have saved money for TTF.

Treasury doesn’t deny the math and instead admits they wanted savings for the bloated budget.

Comment from Treasury: “When looking at defeasance Treasury’s goal has consistently been to maximize the benefit to the general fund.”

Below are comments from Senate Republican Leader Anthony Bucco (R-25) and Republican members of the Senate Budget Committee.

Comment from Sen. Bucco: “As we have shown in the past, Republicans remain anxious to provide alternative solutions to address the fiscal issues facing our State. We have proven that if our ideas are seriously considered by the Democrats, taxpayers will be better off for it. This analysis confirms that one party Democrat rule is simply not working.”

Comment from Senate Republican Budget Members: “The Murphy Administration chose to save $160 million for a bloated State budget instead of three times as much that could have gone towards transportation projects without the tax increases Murphy is secretly advocating for behind closed doors.  With $1.5 billion of debt avoidance funds left, it’s our hope that Murphy will instead use it for transportation projects without new borrowing and the taxes he wants.”

 To speak with Sen. Bucco or members of the Budget Committee, contact Kyle Fischer, SRO communications director, at [email protected].

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