Senator Vin Gopal did not vote on the controversial bill passed and signed into law yesterday that allows Governor Phil Murphy and four Democrat legislators to borrow up to $9.9 billion without voter approval.
New Jersey’s Constitution requires voters to approve state government debt. New Jersey’s Courts, and therefore its Democrat legislators and Governors, treat the Constitution as book of aphorisms.
Despite passionate calls to add diversity to the process, the Legislature sent Gov. Phil Murphy legislation Thursday that gives a panel of four state lawmakers power to determine the fate of up to $9.9 billion in emergency borrowing.
Gov. Phil Murphy wants a plan in place to borrow billions without voter approval; now legislators are ready to sign off one to make that happen. A revamped version of emergency-borrowing legislation is set to go before lawmakers for the first time Tuesday.
Lawmakers vote along party lines to permit at least $5 billion in new debt to deal with economic fallout of pandemic
BY JOHN REITMEYER, NJSpotlight
Legislation that would give Gov. Phil Murphy’s administration the authority to borrow billions of dollars to help offset projected revenue losses brought on by the ongoing pandemic cleared the Assembly Thursday in a party-line vote.
New Jersey is joining the federal government in extending the deadline to file and pay income taxes until July 15, according to a joint statement by Governor Phil Murphy, Senate President Steve Sweeney and Assembly Speaker Craig Coughlin. The State Budget Deadline has been postponed from June 30 to September 30.
So. This is what it’s come to. Incredibly, we just passed one of the largest tax increases in the history of the state…and we’re no more than one, infinitesimal, step closer to sustainable solvency than we were the day before. And trust me, we are very ($ billions) far away. We don’t need infinitesimal steps, we need bold leaps…and we need bold leadership willing to make them.
The New Jersey Society of Certified Public Accountants surveyed its members regarding the impact New Jersey’s new state budget would have on the state’s economy. More than 75% of the 921 CPA’s surveyed said that the budget signed by Governor Phil Muphy would have a negative impact on the economy, according to an article at NJCPA.com
Thirty-nine percent felt the economy would get “marginally worse,” and 37 percent said it would get “significantly worse.” Fourteen percent said it would have no impact, and only 10 percent said the economy would get either “marginally better” or “significantly better” under the new budget.
While New Jersey narrowly avoided a second straight government shutdown, the budget agreement that was achieved at the last minute will have a serious impact on area taxpayers that will be felt for years to come.
As a member of the Assembly Budget Committee, I participated in a number of meetings and listened to hours of testimony on Gov. Phil Murphy’s proposed budget that sought to increase spending by more than 7 percent and raise taxes by $1.7 billion. Gov. Murphy and the Democrat majority in the Legislature then spent much of the spring and early part of summer arguing over which of our taxes to raise.
Never, it seems, did they consider reducing government spending nor did the conversation appear to focus on reducing the burden on some of the most overtaxed citizens in the country. In fact, during the debate, serious consideration was given to additional tax hikes, including proposals to increase the realty transfer fee and add taxes to short-term home rentals — two ideas that would have dramatically impacted Monmouth and Ocean County residents. Read the rest of this entry »
Former Lt. Governor Kim Guadagno appeared on the Tommy G Show yesterday during which she said that the $2 billion in spending increases and $1.5 billion in new state taxes are insane but that no one should be surprised.
Guadagno said that moderate Democrats who are now calling for spending cuts “sound like Republicans, that’s what we’ve been saying all along!”