July 21, 2009 - 12:27pm

Press Release

TOM KEAN AND DECROCE: CORZINE SHOULD CALL SPECIAL SESSION TO ADDRESS $10,000,000,000 CRISIS

By Andrew Pratt

Estimates in Unbiased Report Show Largest Deficit in State History

Senate Republican Leader Tom Kean and Assembly Republican Leader Alex DeCroce released a report by an unbiased state agency that estimates New Jersey will have a budget deficit of at least $10 billion in the fiscal year that begins on July 1, 2010. That estimate includes $8 billion in the budget and a deficit of $2 billion to $3 billion in the state's unemployment compensation fund, which is considered an off-budget account. The two Republican leaders again urged the governor to do the right thing and order the Legislature into special session immediately to begin developing a plan for dealing with this looming fiscal crisis.

"The governor has told voters to trust in the fantasy that a miraculous economic turnaround or another stimulus package will lift New Jersey out of a $10 billion hole," Senator Kean said. "Trenton's leadership should acknowledge reality and call a session now to ensure the next governor has options for dealing with a fiscal crisis of unprecedented scope."

"The dire estimate from OLS reinforces the need for a special legislative session," Assemblyman DeCroce said. "A $10 billion deficit in next year's budget will continue to punish middle class taxpayers who deserve to know how the governor intends to solve New Jersey's ongoing fiscal crisis, which he created."

Web: www.senatenj.com Twitter: twitter.com/senatenj YouTube: youtube.com/senatenj Facebook: senatenj.com/facebook

ANDREW PRATT can be reached via email at apratt@njleg.org.

Related topics: Tom Kean, Tom Kean Jr., Senator Tom Kean, Minority Leader Tom Kean, Senate Republican Leader Tom Kean, Corzine, JON CORZINE, Governor Jon Corzine, deficit, election, shortfall

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