Home>Highlight>Panico, Lukac attack Freiman over debt defeasance bill

Republican State Assembly candidates Vinny Panico, left, and Joe Lukac. (Photo: Pappas, Panico & Lukac for NJ 16).

Panico, Lukac attack Freiman over debt defeasance bill

By Nikita Biryukov, June 23 2021 9:36 am

Republican Assembly candidates in the 16th district took aim at Assemblyman Roy Freiman (D-Hillsborough) over a bill appropriating $2.5 billion to pay own past debt accrued  in New Jersey.

“Roy Freiman preaching fiscal responsibility is like asking Mike Tyson to solve your headache with an uppercut,” Hunterdon Regional School Board President Vince Panico said. “Let’s not forget that Freiman voted to dig us into the $9 billion hole he describes as ‘expensive credit card debt.’ If he really wants to do the right thing for his constituents he’ll start by voting against the bloated budget proposal and send real relief to taxpayers.”

Freiman is sponsoring a bill that would create a $3.7 billion debt defeasance fund. The bill would see $2.5 billion deposited in the fund for the purpose of paying down existing debt.

Democrats in Trenton has said the majority office has identified $3.2 billion in debt that can be paid down early to save the state money. The remaining $1.2 billion is devoted to capital projects and meant to allow the state to forgo incurring future debt.

“When Vinny and I had the opportunity to take action and make fiscally responsible decisions in our elected positions, we followed through and paid down millions in debt,” Manville Councilman Joe Lukac said. “Roy Freiman had that chance last year, squandered it, and is now pretending to care. I promise the people of our district, Vinny and I won’t play these shell games with your money.”

Budget committee Democrats in both chambers approved a $46.4 billion budget proposal Tuesday. The bill, along with Freiman’s legislation, is expected to get a full vote before both chambers at voting sessions on Thursday.

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