WALL, NJ - Assembly Republican Mary Pat Angelini, R-Monmouth, said today’s news that New Jersey’s bond rating was downgraded by Moody’s Investors Service is a wake-up call that the Legislature needs to produce a responsible and sound budget, and not one that increases spending with no way to pay for it.
“There are far-reaching consequences to the Moody’s downgrade and it’s critical for the Legislature to continue the effort which started last year by reigning in government excess and waste and exercising fiscal discipline,” said Angelini. “The effect of an irresponsible spending plan would not only impact our credit rating, but hurt taxpayers, many of whom have been devastated by the recession. Fortunately, we finally have an administration that is committed to reforming government and the way it operates. We cannot return to the irresponsible spending practices of the past.
“It takes more than one year to undo the damage wreaked by the fiscal policies enacted under Democrat control of the Legislature and governor’s office,” continued Angelini. “The fiscal 2011 budget enacted last year is an indication that things are changing in
“Moody’s didn’t send the message that government needs to spend more. If anything, my Democrat colleagues need to stop avoiding issues like pension and benefit reform that are contributing to our fiscal problems and confront this issue,” commented Angelini. “Even the Democrat-controlled house in
Angelini said she was encouraged by economists at