The Vice-Speaker believes they are using the $30 million dollar vendor debt at GMH as an excuse to borrow an additional $120 million to make up for the $120 million dollar deficit.
Guam – Vice-Speaker BJ Cruz believes these latest attempts by the Governor to borrow more money on the bond market are nothing more than a ruse to cover GovGuam’s current cash crunch and eliminate the deficit. The Vice-Speaker says he wants the Governor’s office to admit that they are using the $30 million dollar vendor debt at GMH as an excuse to borrow an additional $120 million to make up for the $120 million dollar deficit that GovGuam is currently facing.
“It’s unconscionable to use the sacred shroud of GMH as the basis from which you want to borrow money when you know that’s not what you want to borrow money for. You’re borrowing money to make up for the deficit that you are currently experiencing and the cash shortage that you’re currently suffering,” said Cruz adding “If you need to borrow to pay off the credit cards and lose your credit rating then so be it. Maybe we should stop. Pay off the credit card and then cut it up.” Cruz believes this proposed bond borrowing is how the administration is hopping to make it to the end of the fiscal year.