While many look to the federal government to come up with a solution, New Jersey legislators are working on their own plan if Uncle Sam doesn’t come through.
There‘s been talk of large-scale layoffs and major cuts in programs on the state, county and local level, if there isn’t direct, unrestricted federal assistance. There’s no guarantee Congress will agree on a package to help.
Troy Singleton, a Burlington County state senator, thinks counties and towns should have the option of issuing “coronavirus relief bonds.”
The Democrat said the goal is to “enable local units to borrow money to address the costs attributable to any increased expenses or revenue shortfalls relatable to the pandemic, and then have a very disciplined — and somewhat long — 10-year finance plan in order to pay that money back.”
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Singleton conceded that a federal solution would be better, but this idea could prove pivotal, in case assistance from Washington is either delayed or withheld.
“Ultimately, I hope that it is addressed by the federal government sooner rather than later,” he added, “but we just cannot sit idly by and wait for that solution to happen.”
As to whether these bonds will actually be needed, he said that’s up to local officials to decide, once the political debate in Washington settles down