10 Mar: Lesniak/Buono Bill To Expand Voter Approval Of Debt Passes Senate Budget Panel

TRENTON – The Senate Budget and Appropriations Committee approved legislation today sponsored by Senators Raymond J. Lesniak and Barbara Buono that would expand State voter approval requirements for issuing public debt.

“Unchecked state borrowing is what has gotten us into our financial crisis in the first place,” said Senator Lesniak, D-Union. “We’ve relied far too much on budget gimmicks and pushed off our financial obligations to future generations. Loopholes that allow State agencies to borrow without voter approval need to be closed if we are going to move forward.”