Scutari touts $3 billion debt payment

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From the desk of Senate President Nick Scutari

Trenton – Senate President Nick Scutari issued the following statement welcoming the state savings produced by the “New Jersey Debt Defeasance and Prevention Fund” that was established by the Legislature as part of the budget.

The State Treasurer recently announced that the State completed a series of transactions to eliminate more than $3 billion in debt, saving taxpayers more than $600 million in the coming years.

“This action follows through on the debt reduction plan we put in place to produce taxpayer savings,” said Senator Scutari (D-Union/Middlesex/Somerset). “It’s just like paying off a mortgage or refinancing a mortgage at a lower rate. We’re doing the same thing at the state level, and saving large amounts of taxpayer money in the process. This is exactly what I mean when I talk about government working more efficiently.”