Bond scrapped from budget - KUAM.com-KUAM News: On Air. Online. On Demand.

Bond scrapped from budget

by Sabrina Salas Matanane

Guam - This morning's Legislative Session was recessed to give time to the Calvo Administration's financial team and Senators to review the revised budget bill. When the Administration submitted the original budget or Bill 145 it was a biennial budget and contained a provision to borrow more close to $300 million to pay past due tax refunds by Christmas. The substituted version by the Committee on Appropriations nixed both those suggestions leaving out the loan and now focuses on a single year budget for fiscal year 2012. 

Reacting to the removal of the bond proposal Governor Eddie Calvo released the following statement. "Originally, the cuts we will be making were to fix the problem of government being too expensive year to year than the cash coming in. Our cost cutting program was to fix the problem moving forward. It would not have addressed the $280 million the government already owes to taxpayers in refunds thanks to years of bloated budgets. That was what the bond was for. He added, "If the bond is not passed, I will have no choice but to cut even deeper, because people are struggling and suffering and begging for their own money.

It is not right to withhold this money from them any longer. If some senators are unwilling to do what is right, I assure them, I will take whatever action is necessary to pay the tax refunds."  Lawmakers are currently in recess but will resume discussion at 2 o'clock.

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