Cruz’s ‘Cut, Cap, and Balance’ plan passes by 14-1 vote

HAGÅTÑA, Guam—By a bipartisan majority of 14-1, the Guam Legislature officially voted to cut, cap, and balance the government’s budget with the passage of Substitute Bill No. 250-33 (COR) (SB250) this afternoon, continuing its conservative approach in Fiscal Year 2017 (FY2017). The budget measure, as substituted, cuts $55 million from the Gov. Eddie Calvo’s proposed General Fund spending plan, caps future borrowing by reducing the government of Guam’s debt ceiling, and ensures that revenues remain at realistic levels—offering a far more fiscally conservative plan than originally proposed by the executive branch.

“Our ‘Cut, Cap, and Balance’ plan received overwhelming bipartisan support today because my colleagues realized that a balanced budget is more important than partisan politics,” said Cruz. “I want to thank every member of the Guam Legislature for their help and hard work. Together, we built a strong budget based on conservative revenues.”

Cruz maintains that the budget bill, as adopted by both sides of the aisle, reflects realistic revenue projections and “moderate growth” in line with the forecasts of Guam’s economic experts, while still covering all existing government personnel requirements. Moreover, the FY2017 budget adopts conservative revenues, unanimously accepted by members of the Legislature during this year’s budget deliberations.

“For the second consecutive year, my colleagues kept faith with what our parents taught us: spend less, save more, and don’t make promises you can’t keep,” said Cruz. “This budget shows that senators separated by party can be united by common sense. Our people should be proud.”

Additionally, the appropriations chair notes that SB250 continues to furnish Calvo with the flexibility needed to address priorities within the executive branch. The substitute measure grants the Governor lump-sum appropriations and expanded transfer authority—providing extraordinary tools for effectively managing the government’s resources.

“When so much of our politics is centered on conflict, I am humbled by the cooperation extended to me by each of my colleagues—Republican and Democrat. I thank them for their trust and support,” concluded Cruz. “I now ask Governor Calvo to join in our bipartisan effort and sign our budget into law.” (PR)