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Singleton Disappointed by Christie’s Veto of Bill to Help Manage State Debt Amidst Record 8th Credit Downgrade
Assemblyman Troy Singleton (D-Burlington) expressed his disappointment over Gov. Christie's veto of a bill he sponsored that would have helped the state get a better handle on its mounting debt, particularly in light of the latest credit downgrade by Standard & Poor yesterday.
The vetoed bill (A-961) would have required the state to include a state debt affordability analysis in the annual State Debt Report in order to provide a clear, data-driven framework for the executive branch and the legislature to evaluate and establish priorities for legislation that may impact the amount of state debt during future fiscal years.
"In light of the Governor's record eighth credit downgrade since he took office, and the staggering amount of debt the state has accrued, his unwillingness to put some fiscal controls in place is confounding. This is one of the main reasons our state continues to struggle in gaining its economic footing.
"Fiscal responsibility can't be achieved blindly. We need a comprehensive and precise forecast on what we can and cannot afford in order to create more sound fiscal policies for the future.
"For too long, we've let debt affordability become the elephant in the room that no one wants to talk about when it comes to discussions about our fiscal future.
"It's unfortunate that the Governor would rather ignore all the warning alarms going off instead of having a serious discussion about how we fund our long-term liabilities moving forward.
"In the end, it's the taxpayers who will be hurt," said Singleton.
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