New Jersey business and industry leaders reiterated their concerns about a plan to borrow $4.5 billion from the federal government that Gov. Phil Murphy says is needed to meet budget shortfalls due to the novel coronavirus pandemic.
The Select Commission on Emergency COVID-19 Borrowing heard from leaders before approving the borrowing plan unanimously. The Commission includes Senate President Steve Sweeney, Assembly Speaker Craig Coughlin, Sen. Paul Sarlo, chair of the Senate Budget and Appropriation Committee and Assemblywoman Eliana Pintor Marin, chair of the Assembly Budget Committee.
Chris Emigholz questioned a $1.4 billion difference in revenue estimates between the Murphy administration and the Office of Legislative Services and a $2.5 billion budget surplus.
“A shortfall has two sides, and increased surplus and spending on local projects unrelated to the crisis should not be used to inflate the spending side of that shortfall, said Christopher Emigholz, vice president of government affairs