Garden State Times

New Jersey is grappling with a significant structural budget gap, prompting concerns from various quarters. Senator Joe Pennacchio (R-26) issued a statement addressing the situation and criticized the state's financial management under Governor Murphy and the Democratic leadership in Trenton.

“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.

Pennacchio pointed out that Republicans have long warned about excessive spending practices. “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,” he stated.

NJ Spotlight reported on potential measures that might be considered by Murphy and lawmakers: “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.”

Senator Pennacchio urged bipartisan cooperation for fiscal reforms: “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.”

Senator Pennacchio has consistently criticized what he perceives as fiscal mismanagement by Governor Murphy and Democratic leaders, previously highlighting these issues during budget discussions in June 2023.