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

Assembly Budget Chairman Lou Greenwald (D-Camden) released the following statement Thursday as the budget panel reviewed Gov. Chris Christie’s transportation borrowing and spending plans, including borrowing $4.4 billion without voter approval:

“Gov. Christie once described borrowing to replenish the Transportation Trust Fund as ‘unconscionable,’ but his words once again differ from his actions and taxpayers will be paying the price.

“Voters in 2008 made it clear that they don’t want any more borrowing without voter approval, but this governor is plowing ahead with a plan that ignores that sentiment and piles $4.4 billion in additional debt onto taxpayers.

“And how does the governor plan to pay for this additional debt? A rough estimate shows New Jerseyans are going to spend $300 million annually for 30 years to pay it off. Where is that money coming from? We have no clear answer.

“This is not sound fiscal policy.

“This is an irresponsible borrowing scheme.

“Future generations of New Jerseyans are now saddled by this massive borrowing that leaves our state no closer to a viable transportation funding plan and stronger economic future.”