Trenton – Following today’s Budget Committee hearing on the state budget, federal funding and state borrowing, Senator Dawn Addiego called for a reduction of high interest debt:
“Last July, when many were adamant that we needed to borrow billions of dollars to guard against potential revenue shortfalls, I was clear in my opposition to saddling future generations with debt without voter approval. Now, less than a year later, it has become clear that we never needed to borrow the money in the first place.
“While we cannot go back in time to undo the $4 billion that Treasury borrowed in November, we can take action today to pay down high interest debt and prevent this unwise decision from burdening our taxpayers for years to come. If we act on this now, the treasurer’s office estimates it could save taxpayers $150 million dollars.”