debt

Leadership from Governor Corzine, not Wall Street financing schemes, are what's needed to solve our state's transportation funding problem, said Senator Anthony Bucco.

Senate Republican Leader Tom Kean Jr. called on Governor Corzine today to cancel a sale of $750 million of transportation debt planned for this Wednesday that has no payment of principal until 2023.  He is calling for the Governor to work with Republicans who have offered alternatives to endless debt and to restructure any debt so that it has reasonable and responsible payment plans.

Corzine Set to Give Abbot Districts $2.9 Billion for Full Cost of Projects

Senator Robert Singer (R-30) issued the following statement in response to Governor Corzine's approval of legislation today that will borrow another $3.9 billion for school construction projects, including $2.9 billion for projects in Abbott districts:

Senator Leonard Lance (R-23), the Republican Budget Officer, responded to the introduction of legislation that would allow the New Jersey Economic Development Authority to borrow $3.5 billion for school construction without voter approval. The legislation, S-1457, was introduced by Senators Turner and Rice on March 6.

Senators Thomas Kean, (R-21), and Leonard Lance, (R-23), issued the following statement today blasting the Corzine administration for agreeing to borrow an additional $2.5 billion. The additional debt will be used to fund unfinished building projects in the 31 Abbott special needs districts.

This year’s toughest political battle in New Jersey may be the biggest gimmick in Wall Streets history. Governor Corzine’s Asset Monetization proposal is said to reach as high as forty billion dollars and may be the largest borrowing plan in the world. It is a gimmick that will leave a legacy of massive government growth and several life times of financial destruction resulting from poor judgment.

The state budget was passed June 23, more than four weeks ago.  But today, July 24, hundreds of towns are still waiting for a decision on extraordinary aid applications.  Final budgets cannot be adopted and tax bills issued without these awards.  The result is many towns are forced to issue estimated tax bills or float Tax Anticipation Notes (short term debt).  Both alternatives are costly to taxpayers and unnecessary if the Department of Community Affairs (DCA) would do their job in a timely manner.