Bucco Asks Corzine If New Jersey Will Need a 'Big MAC'

Republican Senate Budget Officer Anthony Bucco issued the following statement after learning that New Jersey's budget deficit has grown by $2 billion and that the state is going to borrow $364 million with bonds that delay repayment until 2029 and beyond:

"In 1975, New York City brought in Felix 'The Fixer' Rohatyn to run Big MAC, the government corporation set up to keep New York City from bankruptcy after years of embarrassing fiscal mismanagement," Bucco said. "Based on recent news articles, I wouldn't be surprised at all if Felix races to Jersey next month to rescue us from the fiscal tomfoolery demonstrated daily by the Corzine administration.

"This week, Corzine took the extraordinary step of delaying a $364 million bond sale because the governor couldn't give bondholders an accurate estimate of how much the state will collect in taxes this year.

"The delay turned a spotlight on the awful terms of the debt sale. The treasurer should be required to hand out cost estimates at pre-schools so parents can see how much crippling debt their governor plans for their children and grandchildren.

"If the sale is completed, repayment won't begin until 2029. The state is so broke, the governor has decided not to begin to paying off $134 million of this borrowing until 2039! The result is that future generations won't be able to afford vital services at the same time they pay high taxes, all for projects that will be worn out and in need of repair long before they are born.

"Even with billions of dollars in federal stimulus aid coming for transportation, Corzine is proposing bonding gimmicks that will cost future generations dearly. Despite his alleged Wall Street acumen, this governor refuses to be either candid with the public or responsible with its money. I call on my fellow legislators to demand that the governor release daily updates on state revenue collections, and that he ceases bond sales until an impartial, independent adviser can report to the Legislature on the best, most responsible ways to borrow."