Sale of State Assets Turns Out to be a Mirage After All
Manchester, NH - In a news story in today's Union Leader, State Senator Lou D'Allesandro admitted that the current state budget, which the previous Democratic leadership and Governor Lynch cobbled together using the sale of state assets to "balance" the budget, would be well shy of meeting its projected revenue in part because the assets could not be sold. This, despite the previous Democratic leadership repeatedly saying the budget was "responsible" while Governor Lynch touted his "balanced budget" on the campaign trail.
The fact of the matter is that the Democratic leadership, which Senator D'Allesandro is still a part of, used smoke and mirrors accounting gimmicks to supposedly balance the state budget. Rather than first assessing whether the properties in question were even marketable, the previous Democratic administration recklessly included the sale of these properties as part of their budget "fix" knowing full well it was highly unlikely the revenue would never come to fruition.
Now, Senator D'Allesandro, apparently believing he is still in the majority party, is again calling on elected officials to irresponsibly balance the books by suggesting they borrow more money by bonding tobacco settlement funds as a way to close the $60 million hole he helped create.
Today, Cornerstone Director, Kevin Smith, called on the new Republican leadership in the House and Senate to part ways with the failed fiscal policies of the past by implementing meaningful spending cuts to bring the State's fiscal house into order, "There is only one way the state is going to dig itself out of this hole, and that is to cut, cut, cut," Smith said. "Senator D'Allesadro continues to live in the past - he apparently has not realized yet why there are only five members of his party left standing in the State Senate. New Hampshire voters elected new leaders this past November because they were sick and tired of runaway spending and bloated deficits - now is the time for the new House and Senate leadership to show the voters they are serious about getting our state budget under control."
Cornerstone-Action is the legislative and issue advocacy arm of Cornerstone Policy Research.