Guam - Governor Eddie Calvo announced late this afternoon that he has signed an executive order creating a Fiscal Responsibility and Tax Refund Commission, which he has nominated Vice Speaker BJ Cruz to serve as co-chairperson. Bill 140 was rejected on session floor Tuesday by a vote of 8-7.
The vote came after the Calvo Administration warned that if enacted it would negatively impact the government's bond rating and would lead to government furloughs. The legislation aimed to pay tax refunds and would allow for a $10 million line of credit.
However, the Administration said the bill is "fiscally irresponsible".
The newly-formed Commission seeks to provide bi-partisan solutions to the 20-year old structural imbalance of the General Fund.