How to Wreck the Economy — Day 9 with no solution from the Legislature

by | Jul 26, 2018 | Press Releases | 0 comments

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Senators’ actions threaten future of government services, island economy
 
July 26, 2018
 
Hagåtña — On July 17, 11 Senators voted to strip financial stability for the Government and $40 million in a dedicated funding for source for the Guam Memorial Hospital and Department of Education. They failed to provide a solution to fill the anticipated revenue gap for Fiscal Year 2019, which starts October 1.  
 
Currently, government services are operating on an adjusted budget that includes a $30 million reduction in expenditures and a 1 percentage point increase in the BPT. Additionally, investors still eye the island’s economy in a mostly positive light. The government is coming off of a surplus for Fiscal Year 2017 and all of our obligations have been met.
 
“If this government and island falls into a fiscal crisis, I am holding these Senators responsible,” Governor Calvo stated.
 
The 11 senators who voted to strip away a funding solution are: Sens. Tom Ada, Frank Aguon, Fernando Estevez, Regine Lee, Telena Nelson, Jim Espaldon, Dennis Rodriguez, Joe San Agustin, Mike San Nicolas, Mary Torres, and Vice Speaker Therese Terlaje. Their decisions will derail the economy and leave the next Governor and Legislature presiding over the ashes.
 
But don’t take our word for it:
 
“I don’t like either bills I introduced today but no one can cut their way out of $145 million shortfall without catastrophic consequences … (Do) the math of the revenue we’ve lost; we will lose much more than money on October 1st.”
               – Speaker BJ Cruz, 34th Guam Legislature Speaker & Chairman of Committee on Appropriations
 
One of the Legislature’s two jobs is passing a budget. Contact the Senators today and tell them that the Legislature needs to pass a responsible budget.  

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