New Jersey Republicans said they would sue to stop a borrowing plan agreed to by top Democrats Friday.
“Today the Democrats in our state agreed to pile billions more in debt onto our children and grandchildren’s shoulders,” Assembly Minority Leader Jon Bramnick (R-Westfield), State Sen. Steve Oroho (R-Franklin) and Republican State Chairman Doug Steinhardt said. “This debt plan is bad policy, and without voter approval is clearly unconstitutional. We will file suit to stop it.”
The measure, if passed, would allow the state to borrow up to $10 billion over the next year. Bonds will have to be approved by a four-member commission appointed by Assembly Speaker Craig Coughlin (D-Woodbridge) and Senate President Steve Sweeney (D-West Deptford).
Though Murphy ruled out any tax increases in the short term, he said the state will have to look at raising revenues in the future, though he gave little in the way of specifics.
“Governor Murphy is a multi-millionaire from Massachusetts, and it’s clear he has a hard time speaking the language of New Jersey‘s hard working families,” Steinhardt said. “But I can help. When Phil Murphy says ‘revenue raisers’ that’s con-man for ‘tax hikes.’ Let’s be clear. The last thing New Jersey needs is more taxes.”
Other Republicans have also leapt into the fray.
“The Governor and Democrats agreeing to issue $10 billion of debt for operating expenses isn’t just unconstitutional, it’s insane,” State Sen. Michael Testa (R-Vineland) said. “Taxpayers will be paying for this madness for the next 35 years.”