Corzine's Slick Pitch: Bad Credit? Short on Cash? No Principal Payments, No Problem Til 2023!

Bucco Asks What this New Highway Borrowing Scheme Is Going to Cost Us

Senator Anthony Bucco, a senior Republican on the Senate Budget and Appropriations Committee, said he was outraged to learn that the latest $750 million borrowing for the New Jersey Transportation Trust Fund proposes that the state not pay one dime in principal on much of the borrowing until 2023.

"Governor Corzine should just put out a sign on the front of the state Capitol, " Bucco said. "It would read, Bad credit? No credit? No problem at Uncle Jon's Pawn and Loan! He'll tailor the payment to fit your budget!"

"Jokes aside, there is nothing funny about a governor who is willing to delay payments of principal for 15 years and more. The realities of the market place are that the state will pay a much higher interest rate for this borrowing than if it had used a more conventional and more conservative borrowing plan. In the end, practices such as this have cost and will cost the taxpayer hundreds of millions, if not billions, of dollars."

"What this will do is once again allow the governor and his Democratic colleagues in the Legislature to push more of the cost of running state government off on future generations. It may be a good way to win elections but it's a lousy way to run a state. It's exactly why New Jersey ranks third in the nation in total debt burden.

"Governor Corzine again showed that he will exercise his Wall Street expertise to find ways to borrow more, not provide efficient government to state taxpayers. It's time to cancel this debt sale until reasonable terms are set."

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