Tag: $10 Billion “Wacko” Borrowing Scheme

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NJ CPAs Strongly Oppose Governor Murphy’s 2021 Budget Borrowing and Tax Scheme

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the staff of the Ridgewood blog

Roseland NJ, More than 60 percent of the 892 certified public accountants (CPAs) surveyed by the New Jersey Society of Certified Public Accountants (NJCPA) after Governor Murphy presented his budget for New Jersey’s 2021 fiscal year on Aug. 25 said they were either “somewhat opposed” or “strongly opposed” to $4 billion in new borrowing to offset a revenue deficiency caused by the COVID-19 pandemic. More than three in four respondents (78 percent) felt the proposed budget would make the state’s economy “marginally worse” or “significantly worse” over the long term.

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New Jersey Business & Industry Association Dreams of, “No New Taxes”, and the “Responsible Use of Borrowed Funds” in New Jersey, Fat Chance

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the staff of the Ridgewood blog

Ridgewood NJ, NJBIA Urges No New Taxes, Responsible Use of Borrowed Funds for Proposed FY2021 Budget . NJBIA President and CEO Michele N. Siekerka, Esq. issued the following statement regarding Gov. Phil Murphy’s proposed nine-month, FY 2021 budget next week.

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State Revenue Update Undercuts Governor Murphy’s Borrowing Scheme

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the staff of the Ridgewood blog

Trenton NJ, Senator Steven Oroho (R-24) said a State revenue update provided by the Treasury Department yesterday doesn’t support Governor Murphy’s claims that New Jersey is facing a massive budget shortfall that would require $10 billion of borrowing as the governor has repeatedly suggested.  (https://theridgewoodblog.net/deferred-nj-april-tax-payments-track-close-to-expectations/ )

“Treasury’s revenue update clearly demonstrates that the massive $10 billion budget hole predicted by the administration has failed to materialize,” said Oroho, the Senate Republican Budget Officer. “When compared to the original $38 billion budget for 2020, the $200 million decline in revenues from 2019 is little more than a rounding error. The realized revenue data provided by Treasury doesn’t support the governor’s continued insistence that New Jersey needs to borrow billions.”

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New Jersey’s reliance on debt to finance spending levels will drive up taxes and cost of living

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the staff of the Ridgewood blog

Morristown NJ,  Garden State Initiative’s (GSI) president, Regina M. Egea, issued the following statement on the decision of the New Jersey Supreme Court in the case of New Jersey Republican State Committee v. Philip D. Murphy:

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Reader says ,”I pray that not one penny gets sent to New Jersey”

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“I pray that not one penny gets sent to New Jersey. Murphy did not take any steps whatsoever to stop the State’s hemorrhaging of money; in fact, he has done just the opposite: giving illegal immigrants free healthcare, free education, free everything, while giving the actual citizens of New Jersey nothing but the bills for such generosity. To pay for his $10 billion loan, he is already going to have to raise sales taxes and even create a NEW state property tax. It is finally time for spending cuts and they must be DEEP! our budgets must be pared down to the bare minimums, we have no right to be giving away free things when we have no money to pay for them.”

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New Jersey Supreme Court to Hear Gubernatorial Candidate Jack Ciattarelli Challenge of Governor Murphy’s $10 Billion Borrowing Scheme

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Ciattarelli Legal Team to Argue Before Court on August 5th

the staff of the Ridgewood blog

Trenton NJ, Gubernatorial Candidate Jack Ciattarelli announced today that the New Jersey Supreme Court has accepted his campaign’s filing in the court challenge of Governor Phil Murphy’s plan to borrow nearly $10 billion.

“Last week, my campaign filed to challenge Governor Murphy’s reckless ‘borrow & tax’ scheme,” Ciattarelli stated.

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Reader Tells the Governor ,”You Can’t ask for money for a problem you created Murphy”

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“You Can’t ask for money for a problem you created murphy. Shouldn’t have kept small businesses closed for so long. You destroyed lives to save lives. Now alot of us will have to move because even with any federal aid you will raise taxes. You put all your hopes into federal money and on top of that the people you keep asking for money you paint them as villains. Money doesn’t grow on trees; we are already heading towards hyperinflation. You’ve already proven you can’t manage a state budget. You spend money like water and refuse to make the necessary cuts needed to balance the budget. You can’t have your cake and eat it too. From the republican side we blame your leaders for their decisions for their irresponsible spending. You can scream, cry, threaten, complain but at the end of the day you’ll be held accountable for NJ’s suffering. Obviously democratic leadership has created more poverty like it does in every democratic run state. Learn how to manage your funds and stop playing victim. You shut down NJ and then locked up, fined, & threatened to revoke license to any small business that tried to reopen to survive this pandemic. Those were your executive orders nobody else’s. You will be held accountable. NJ needs new leadership, republican leadership but since that wont ever happen NJs economy will never get better because all democrats do is spend & raise taxes. Someone take Murphy’s checkbook away already.”

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Legislator Gives Murphy Administration a $10 Billion Blank Check

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the staff of the Ridgewood blog

TRENTON NJ, Governor Phil Murphy signed into law the “New Jersey COVID-19 Emergency Bond Act,” which authorizes the state to borrow up to $9.9 billion to address the unprecedented fiscal crisis that has arisen as a consequence of the COVID-19 pandemic.“The passage of this legislation is an important step in New Jersey’s recovery from the economic ravages of the COVID-19 pandemic,” Governor Murphy said. “While this is by no means a silver bullet, the ability to responsibly borrow is essential to meeting our fiscal needs in the coming year.”

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Senate Republican Budget Members Call Democrats’ $10 Billion Borrowing Scheme , “Wacko”

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the staff of the Ridgewood blog

Trenton NJ, Statements from Senate Republican Budget Members on Democrats’ $10 Billion Borrowing Scheme

The Republican members of the Senate Budget & Appropriations Committee issued the following statements in response to a private, partisan agreement between Governor Phil Murphy and Democrat legislative leaders to borrow $10 billion to fund State spending next year.

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