TRENTON, N.J. – Assembly Republican Leader Jon Bramnick released a statement after the state Supreme Court ruled that Gov. Phil Murphy may proceed with his plan to borrow $9.9 billion to balance the state budget.
“Borrowing $9.9 billion to cover expenses will raise taxes across New Jersey,” said Bramnick (R-Union). “The cost of repaying this debt will top $30 billion, costing each taxpayer of the state $6,500. Governor Murphy is saddling our children and grandchildren with billions in debt. The governor and the Democratic majority now have to decide whether to impose a statewide property tax, create a new tax on your belongings, increase the sales tax or hike other taxes to pay back this new debt.”
“Worse, decisions are being made in secret and with incomplete data. New Jersey cannot afford billions in new debt and the taxpayers of our state deserve complete transparency.”