“Not my Favorite Idea”

TRENTON - Governor Jon S. Corzine today issued the following statement in response to erroneous media reports suggesting that he now supports a federal gas tax holiday.

“I do not support a federal gas tax holiday. During a CNBC interview this morning I was asked about Senator Clinton and Senator McCain’s competing proposals and responded that a gas tax holiday is not my favorite idea. I went on to discuss the differences between the two Senators’ competing plans. Somehow this was construed by several enterprising reporters as a change in my position on a gas tax holiday, which it is not.”

Below is a transcript of Governor Corzine’s May 5 remarks on CNBC’s Squakbox.

Governor Corzine: “I want to say it's not my favorite idea. Realistically, [Senator Clinton] is paying for it and it is a three month period. This double the use of the windfall profit tax is an unfair charge. First of all they aren't going to pass it. Memorial Day is about three weeks from now and that is the start of the summer season. Realistically, acknowledging the really heavy lift that is going on for diesel fuel truckers which then gets passed through consumers; and recognizing that people that are commuters that people are pressed right now because the cost of living is incredible for middle class to moderate income families. I think that is what Senator Clinton is addressing here.

“This is not going to undermine our long run ability to invest in alternative energies and other things. I think it is more about that we are interested in what the small guy and middle class is doing. The holiday is three months and the windfall profits tax will be going on indefinitely. Therefore, you have the ability to use those resources for the same purposes (infrastructure, renewable energy). I think that Senator Clinton was one of the first to talk about windfall profits as the basis for doing that. I think that we are all on the same page there. I think that what Senator Clinton is doing is saying that there is a problem now. I think it is very unlikely you could get a windfall profits tax through Congress in a year, let alone between now and May 31st.

“This holiday is a bit of distraction away from what is a fundamentally sound program that she has put forward whether it's on housing, moderate income, health care and whole host of issues.”

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