GREENWALD: CHRISTIE’S IRRESPONSIBLE BORROWING SCHEME PUTS NEW JERSEY ECONOMIC FUTURE AT RISK

(TRENTON) – Assembly Budget Chairman Lou Greenwald (D-Camden) released the following statement Monday after voting against Gov. Chris Christie’s plan to sell up to $1.25 billion in bonds and refinance up to $500 million for transportation without voter approval:

“It wasn’t all that long ago that Gov. Christie described borrowing to replenish the Transportation Trust Fund as ‘unconscionable,’ but once again the governor’s words are far different from his actions. I’m tired of the hypocrisy.
“The testimony we just heard made it clear that the governor’s decision to halt transportation work was arbitrary and unnecessary. The state still has $50 million available for transportation work and the ability to generate more than $500 million more without legislative approval.
“That’s enough funding to continue transportation work into the spring and hopefully give the governor enough time to show leadership and devise a long-term transportation plan for our state, though the testimony we heard today offered little hope such a plan is near.
“Gov. Christie put several thousand jobs at risk for no apparent reason other than the worst kind of political grandstanding.
“The governor’s borrowing scheme is foolish and irresponsible and will accomplish nothing more than $14 million in present value savings through 2039, including a nearly $300 million balloon payment in 2024.
“Future generations of New Jerseyans are now saddled by this massive borrowing scheme that leaves our state no closer to a viable transportation funding plan.
“We all know the governor’s preference for tax breaks for millionaires and cutting school aid. It’s now time for the governor to focus on creating a strong economic future and good jobs for working class New Jerseyans through a responsible plan for our transportation infrastructure.”