Statement on Debt Report

Trenton, NJ- Assemblyman Republican Budget Office Declan O'Scanlon, R-Monmouth, issued the following statement regarding today's report by the Treasury Department on state debt:

"This report demonstrates the fiscal prudence of the Christie administration, which has limited the growth of the state's bonded obligations to 3.3 percent since last year. Over the last five years, borrowing has grown less than 3 percent annually, compared to the 12 percent growth when Democrats had a monopoly on power. This administration has been a responsible steward of New Jersey's fiscal situation, limiting debt growth to just a fraction of past levels.

"New debt was the result of investments in school construction, capital construction projects, and voter approved higher education bonds. Not a penny of added debt was used for operating expenses as Democrats did when they were in charge.

"While debt for other postemployment benefits is increasing, it is almost entirely tied to the Obamacare cadillac tax that's adding $6 billion in future obligations. This highlights the importance of reforming health benefits to provide quality healthcare at an affordable price for both the state and its employees.

"If not for the initial reforms spearheaded by Republicans and the record high contributions to the pensions during the Christie administration, pension and debt payments would be dramatically higher."

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PAID FOR BY Assemblyman Declan O'Scanlon

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