Want access to post press releases? To sign up, use this form. You must be logged in.
Karrow Asks Governor If New Jersey Is Bankrupt
By Andrew PrattSenator Marcia Karrow, a member of the Senate Budget and Appropriations Committee is shocked and frustrated by published reports in The Star-Ledger, The Record and Bloomberg News today that show Governor Jon Corzine is still struggling to determine the size and scope of the financial crisis facing New Jersey.
"Just last week, the governor was telling a gathering of political analysts in Manhattan that he believed the state had seen the bottom of its decline in revenue. This week, he's telling the press that the state's budget shortfall may grow by an incredible $2 billion.
"It's impossible to know whether the governor can't get his facts straight, or if he is again trying to leave the Legislature and the public out of the loop so only his proposals can be considered and approved at the last minute.
"Despite repeated pleas from Republican legislators, the governor has refused to either release daily updates of state revenue collections during budget negotiations or restrain spending sufficiently to reflect economic reality. With just two months remaining in the fiscal year, most of the money the state budgeted to spend this year is already gone. A $1 billion or $2 billion deficit will exhaust any remaining surplus funds and push the state into deficit spending.
"On June 25, the state must repay $1.8 billion, plus interest, that the Governor borrowed to pay tax rebates. The governor should say now where he will find the money to make that huge balloon payment. He may very well be forced to seek layoffs of government workers, more delays of payments into our evaporating pension funds or even more cutbacks in school or municipal aid.
"There is no more time to waste while the governor fritters away more opportunities to rescue the state's finances. The Governor must come forward with the facts so that the Legislature and the public may work to resolve this crisis."
Web: www.senatenj.com Twitter: twitter.com/senatenj YouTube: youtube.com/senatenj Facebook: senatenj.com/facebook
Contributors
Wally Edge
Michael Doherty. a West Point graduate and one of the state's most conservative legislators, will take his seat in the State Senate today. A ... >
Bob Torricelli
Everybody needs to start a new job with a list of priorities and Chris Christie is no exception. There might be a thousand things that need to get ... >
Michael Patrick Carroll
Political discourse in America contains much in the way of intellect or intellectual honesty. One considers the Federalist Papers with wistful awe: ... >
Jeff Michaels
As pundits and party leaders look to next year’s Congressional elections in NJ, it appears that freshman Democrat John Adler is the most vulnerable ... >
Richard LaRossa
When will NJ Republicans start acting like Republicans rather than Democrats. Time to stand up for your principles, assuming they have any left. >
Alan Steinberg
As in any transition, speculation is rampant as to whom Governor-elect Chris Christie will appoint as Chief of Staff, State Treasurer, and Attorney ... >
Dr. Joseph Marbach
Now that the dust has finally settled after the grueling campaign for governor, there are a number of lessons that we can draw from this ... >
Carla Katz
When he was growing up, Chris Christie's folks must have taught him that when he went to a new playground, he should pick a fight with the ... >
Joey Novick
Yes, I know, I know.
Since it’s Thanksgiving week, I decided that no one could really be a Putz of the Week this week. So, I decided ... >
Murray Sabrin
New Jersey voters repudiated Governor Jon Corzine's policies of the past four years on November 3rd. Republican Chris Christie and Independent ... >
Poll
Hot Topics
Most Active Stories
- Milgram charges GOP consultant over robocall impersonating Rumana staffer
- Dem leadership teams come together after emerging from caucus meetings
- Gallery packed with Garden State Equality activists as Doherty assumes oath of office
- Christie says Cryan should get out of chairman mode
- Wisniewski to make formal play for state party chair when Cryan makes departure official
- Runyan, now a Charger, announces NJ-3 congressional bid
- Goldstein leads 250 marriage equality activists for march on the Statehouse
- Pou won't rule out bid for Democratic State Party chair
- Senate Democrats back Sweeney for senate president, says Sarlo
- Stack: HCDO leaders need to put organization in order before trying to take out Cunningham
- Runyan, now a Charger, announces NJ-3 congressional bid
- Christie says Cryan should get out of chairman mode
- Milgram charges GOP consultant over robocall impersonating Rumana staffer
- Gallery packed with Garden State Equality activists as Doherty assumes oath of office
- Caruso says he had nothing to do with robocall
- Pou won't rule out bid for Democratic State Party chair
- Lesniak: bring gay marraige up for a vote
- Dem leadership teams come together after emerging from caucus meetings
- Spicuzzo nomination passes committee
- Qpac poll: voters support public worker wage freezes, layoffs
- Quinnipiac: Christie leads 50%-40%
- Quinnipiac poll has Christie ahead by 4 points as Corzine gets closer
- Christie, in West New York, takes questions
- Gore makes his case for Corzine
- Potential LG rivals Allen and Weinberg ally for county committee reform legislation
- Final debate schedule
- Torricelli on making perfection the enemy of good
- Autistic man seeks Assembly seat in 37th
- Jeb Bush attends Christie fundraiser
- Correction: Weiner departure was not his own idea
Recent Posts From Inside Edge
Quote of the Day
“A lot of blood on the floor.” - Senate President Dick Codey (D-Roseland), emerging from the caucus room after losing his leadership position to Senate Majority Leader Stephen Sweeney (D-West Deptford)
Recent Press Releases
- Nov 25 2009
Syndicate
