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Addiego Bill to Reduce State Debt Goes to Governor

Trenton – Senator Dawn Addiego (D-Burlington) issued the following statement today after the Senate and Assembly passed legislation she sponsored which would establish the New Jersey Debt Defeasance and Prevention Fund to pay down current state debt and avert future borrowing:


“It is crucial that we use this year’s budget surplus strategically. I vehemently opposed the Governor’s decision to borrow billions of dollars last fall without voter approval, and I was right that the borrowing was totally unnecessary. That is why I was adamant from the start of budget hearings in March that we needed to take this opportunity to save taxpayers money by paying down high-interest debt. This legislation, S4000, will require the state to pay down $2.5 billion in debt, and avert future debt by setting aside $1.2 billion for critical capital projects we would otherwise have to bond for. I urge the Governor to sign this bill into law now so that the Treasury Department can immediately start saving taxpayer dollars by paying off the highest interest debt on the state’s books.”