Senator Joe Pennacchio released the following statement after the New Jersey Supreme Court decided in favor of Governor Murphy’s massive borrowing plan.
Senator Pennacchio said today’s ruling by the State Supreme Court supporting a massive borrowing plan by the Governor is a costly one for New Jersey taxpayers. (©iStock)
“This is a sad day for New Jersey. With this decision by the Supreme Court, Murphy will borrow up to $10 billion and impose a property tax on residents to pay for it. Incredibly, the court requires the treasurer, a Governor appointee and key member of his cabinet, to certify the need for the money in the budget. The Governor can now create an inflated budget knowing he has a New Jersey credit card to pay for it.
“New Jersey taxpayers will be paying for this mandate for decades to come.”