Treasury Rescue Won’t Bail Out Chicago, New Jersey From Debt

Treasury Rescue Won’t Bail Out Chicago, New Jersey From Debt

Time for new leadership that will create actual budgets and not spending plans.

We the People of New Jersey deserve better.

We are governed by tax and spend democrats that rely on borrowing for so called budget balancing.  The US Treasury has just stated that the American Rescue Plan (ARP) funds must go to the citizens, NOT THE DEBT.

 

The U.S. Treasury Department is sending a message to states and cities that the billions in aid from the American Rescue Plan should provide relief to residents, not their governments’ debt burdens.

The department on Monday released guidance on how state and local governments can use $350 billion in funding from President Joe Biden’s $1.9 trillion rescue package. The funds are intended to help states and local governments make up for lost revenue, curb the pandemic, bolster economic recoveries, and support industries hit by Covid-19 restrictions. In a surprise to some, these funds can’t be used for debt payments, a potential complication for fiscally stressed governments that had already etched out plans to pay off loans.

Source: Bloomberg.com.

Leave a Reply

Your email address will not be published. Required fields are marked *