MORRIS COUNTY — Following the news that New Jersey is facing a severe structural budget gap, Senator Joe Pennacchio (R-26) released the following statement:
“In a time when New Jerseyans are dealing with an affordability crisis, Governor Murphy and Trenton Democrats continue to use taxpayers like a bottomless bank account to fund their pet-project wish list while leaving residents to pick up the slack. Take StayNJ for example, New Jersey taxpayers were promised a reduction in property taxes with the program but costs over $1 billion annually—where is that money coming from? Unfortunately, that may be the first program to be eliminated,” said Sen. Pennacchio.
“Republicans have warned for years that the bloated, wasteful spending we’ve seen from Trenton was bound to catch up with us and now there’s no denying that our state is in trouble. With the shocking 60 percent increase in state spending and overuse of one-shot revenue enhancers, it comes as no surprise that Governor Murphy and Trenton Democrats overplayed their hand when it comes to our budget which will inevitably lead to higher taxes,” Pennacchio continued.
According to NJ Spotlight, “Murphy and lawmakers may have to decide whether to hike taxes, roll back spending, or further deplete the surplus funds when they begin to craft the next state budget early next year.”
“If my colleagues across the aisle are serious about making the Garden State more affordable, they must cut the pork and accept Republican ideas for reform so we can get rid of the deficit, and provide tax relief now,” Pennacchio concluded.
Sen. Pennacchio has long been a critic of Murphy and the Democrats’ fiscal mismanagement, in June of 2023, he called out the flawed budget process.
