Press Release
Holzapfel, McGuckin & Catalano 10th District
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Contact: Kate Hirsch / (732) 840-9028
July 14, 2020
10th District Legislators: ‘This Borrowing Plan Will Devastate New Jersey Economy for Years To Come’

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The 10th District Legislators are speaking out against the largest borrowing scheme in New Jersey history, spearheaded by Governor Murphy and his Administration. Senator Jim Holzapfel and Assemblymen Greg McGuckin and John Catalano oppose the record-setting plan which will borrow $10 billion to cover State spending.

Senator Holzapfel and Assemblymen McGuckin and Catalano are speaking out against the Governor’s scheme to borrow $10 billion to cover state spending. (Wikimedia Commons)

The lawmakers have issued the following statement on the borrowing plan which they feel is unconstitutional and fiscally irresponsible.

“It’s sickening.  Our taxpayers will now be responsible for the repayment of this astronomical borrowing plan as well as an additional $30 billion of interest payments for the next 35 years.  But the worst part may be that our Democrat leaders are now pushing this plan through without voter approval.  This is one of the most unconstitutional events our state has ever witnessed and we want no part of it.

“Not only is it unconstitutional but the Governor has still not provided his updated revenue forecast.  How can we vote on something this monumental without waiting for that information?

“If it is such a good idea, why don’t you cure the constitutional claim and submit it to the voters?  What is the Governor so afraid of?  If it’s such a good idea, let the voters decide.  Instead, the last thing the Democrats in Trenton want is the opinion of the very people they represent.

“This is yet another backroom deal by the Democrats to further push our debt onto future generations without the consent of the people.  They have refused to work across the aisle to create a reasonable and affordable budget proposal to get New Jersey back on track and now they are playing games with our Constitution.

“We are talking about billions of dollars of debt that won’t be paid off for decades.  As if New Jersey wasn’t unaffordable before, how can our younger generations remain in this state if their taxes are higher than their paychecks?  We could not support a plan that values partisan politics over the best interests of the people.”

Related Facebook Post:
https://www.facebook.com/NJ10thDistrict/posts/173269994231805

Related Tweet:
https://twitter.com/jimholzapfel/status/1283086965257179148

Website Post:
https://www.senatenj.com/index.php/district10/10th-district-legislators-this-borrowing-plan-will-devastate-new-jersey-economy-for-years-to-come/49309