The New Jersey legislature will be considering a bill that would authorize emergency borrowing in an effort to recuperate financial losses due to the COVID-19 pandemic. While we support the work our state leaders have accomplished in order to save lives, we need our lawmakers to remain fiscally responsible.
Assembly Speaker Craig Coughlin has already publicly voiced his support for Governor Murphy’s emergency borrowing plan that would use proceeds from bond sales to bypass spending and debt constraints laid out in the State constitution.
According to the Legal Counsel of the NJ Office of Legislative Services (OLS), such legislation would go against our State constitution. Our state legislators know that New Jersey is not allowed to operate with an unbalanced budget.
Sign the letter to let your state leaders know that borrowing yet more money is not the way to make up for revenue shortfalls or to stimulate New Jersey’s economy.