DeCROCE AND MALONE SAY BUDGET SPENDING CUTS AND SAVINGS NEED TO BEGIN NOW

Assembly Republican Leader Alex DeCroce and Budget Officer Joseph Malone said that Governor Corzine must take swift action to address the state’s budget shortfall, which was estimated at $190 million for the first quarter alone.  DeCroce and Malone said state revenues cannot sustain government’s out-of-control spending and immediate action must be taken before the state goes into bankruptcy.

Their comments were made after a Senate Republican press conference today, led by Senate Republican Leader Tom Kean, Jr. and members of its Budget Committee, calling on Corzine to take prompt action to reduce state spending.

“News that our budget is nearly $200 million off projection is not only alarming, but further evidence of Corzine’s failed policies,” said DeCroce, R-Morris and Passaic.  “We’re only one-quarter into the fiscal year and already things look bleak.  Instead of relying on one-shot gimmicks and tax increases to pay for things we cannot afford, the governor needs to admit things are getting worse and his strategy doesn’t work. 

“He has punished taxpayers long enough,” stated DeCroce.  “It is time for a different approach.”

While the administration believes that it knows how to cut spending, Malone offered a different perspective.

“Republicans have repeatedly offered specific suggestions where savings could be realized, yet have been continually ignored,” said Malone, R- Mercer, Burlington, Monmouth and Ocean.  “For example, there is an opportunity to reform the state’s procurement process that could produce huge savings.  The head of New Jersey’s procurement office said as much at a bipartisan meeting of legislators.  However, few, if any, substantive changes have been implemented to improve the system. 

“We need to go beyond the rhetoric and admit the system is broken.  Taxpayers deserve that much,” continued Malone.  “I urge the administration to work with us in arriving at meaningful reforms that are not merely stop-gap solutions.”

According to the Treasury Department, over half the revenue shortfall in the first quarter was attributable to Gross Income Tax and Corporation Business Tax collections, while sales tax revenues were slightly under budget.

“Today’s announcement by the U.S. Bureau of Labor statistics that the number of people in New Jersey who have applied for unemployment benefits and the number of mass layoff events rose from August to September is another sign that the stress on the state budget will likely worsen,” said DeCroce.  “The governor can’t continue to hide from the numbers.”

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