Guam Chamber Endorses Governor’s Proposed Tax Refund Bond, On Condition Gov Supports Balanced Budget


Guam -Adelup has announced that the Guam Chamber of Commerce has endorsed the Governor’s proposed tax refund bond, provided that the Governor in turn endorse a balanced budget amendment.

A release quotes the Governor as saying that he agrees with the Chamber and “wholeheartedly supports a balanced budget amendment.”

According to the release, the Chamber’s endorsement of the Governor’s refund bond proposal follows similar endorsements from the Chinese Chamber of Commerce. Public Auditor Doris Flores Brooks and the Mayor’s Council.

READ the release from the Governor’s office in FULL below:

Guam’s business community, which has long advocated fiscal responsibility from the island’s political leaders, has endorsed the Governor’s effort to finance all past due tax refunds. The endorsement from the Guam Chamber of Commerce is contingent on the Governor’s endorsement of a balanced budget amendment in the Organic Act.

“I wholeheartedly support a balanced budget amendment,” Governor Eddie Baza Calvo said. “I agree with the Chamber of Commerce. If we are to finance this debt and pay it all off, we have to make sure we never have to borrow again. This is why I am moving forward with cost cutting initiatives to bring structural balance back to the government.”

This endorsement follows similar ones from business and community leaders, like the Chinese Chamber of Commerce and the Mayors Council of Guam. Public Auditor Doris Flores Brooks also gave supportive statements on the tax refund bond, saying Governor Calvo’s plan appears “workable” and “viable.” The letter of endorsement from the Chamber of Commerce is attached.