Legislation Authorizes the State to Borrow Federal Funds to Respond to the Economic Impact of the Coronavirus Pandemic
Assembly Speaker Craig Coughlin (D-Middlesex) issued the following statement today regarding Assembly passage of the “COVID-19 Emergency Bond Act”:
“As I have previously indicated, to help us through the unique challenges and the significant revenue loss the coronavirus public health emergency has caused, I support the legislation to responsibly borrow funds to make up for our substantial revenue shortfall and stimulate our economy.
“We took the necessary next step to enable borrowing through passage of the ‘COVID-19 Emergency Bond Act’ in the full Assembly.
“The coronavirus pandemic represents the greatest public health and economic challenge we have faced since the Great Depression, nearly a century ago.
“Our residents face record unemployment, loss of business and difficulty in paying rents and mortgages. The middle class is struggling to make ends meet.
“Furthermore, the State Treasurer estimates the revenue loss in excess of $10 billion. It’s an economic tsunami that requires an extraordinary action.
“While not ideal, I support the borrowing of necessary funds through bonding, provided the sacrifice is spread evenly and that proper Legislative oversight is included, to ensure our economic position is strengthened for both the present and future.”