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New Jersey Can’t Borrow Its Way Off This Fiscal Cliff

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Statement by Ralph Albert Thomas, CPA (DC), CGMA, CEO and Executive Director

New Jersey Society of Certified Public Accountants

ROSELAND NJ, We are deeply concerned that the proposed $9.9 billion borrowing plan announced by Governor Murphy and currently moving through the Legislature will have far-reaching consequences, affecting New Jersey’s ability to grow and attract business.

There is no doubt that New Jersey will require additional resources during this COVID-19 crisis. To address this, we need a comprehensive fiscal strategy that includes all tools at our disposal. Absent that, any plan for borrowing now is premature.

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