The following editorial by Senator Steven Oroho (R-24) on an unconstitutional plan proposed by Governor Phil Murphy to borrow $10 billion to fund State operating expenses over the next 12 months was published by NJ.com on July 15, 2020:
The Murphy Administration and the Democratic legislators are prepared to move forward with the largest borrowing scheme in state history. They are seeking to raise $10 billion through bonding to fund state spending over the next 12 months.
This fiscally irresponsible plan could cost New Jersey taxpayers tens of billions of dollars in debt and interest payments over the next 35 years, depending on the interest rate. They will say “it’s a good time to borrow because interest rates are low.”
Continue reading Murphy’s Unconstitutional $10 Billion Borrowing Scheme Is ‘Wacko on Steroids’
