deficit

Four Republican senators held a news conference today to express their growing unease at the failure of Governor Jon Corzine to honestly address plunging tax collections.

The state treasurer said today that revenues have come in 3.1 percent below projections so far this year. If collections continue at that pace, the state will have a $1 billion deficit this year. The estimated budget deficit for next year is $8 billion to $10 billion. The governor is again doing too little. too late, then calling himself a man of action.

The governor Isn't Disclosing Fiscal Problems to Investing Public.

The six Republican members of the Senate Budget Committee have sent a letter to Chairwoman Barbara Buono that asks her to call the committee into session this summer. The committee's task would be to develop a plan to close an unprecedented $8 billion structural deficit and a more than $2 billion deficit in the unemployment fund. The letter points out that Governor Corzine is avoiding questions about how he plans to do to deal with this $10 billion crisis. "When there is a gap in leadership at the top, others must step in to fill the void, " said Senator Anthony Bucco, senior Republican member on the budget committee and Republican budget officer.

It's clear the governor doesn't trust the people or the democratic process, Senator O'Toole said. He wants to deal with problems the same way he did as chief executive of a Wall Street bank – behind close doors and with no input from anyone but insiders.

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. 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.

Despite his 2005 campaign vow of transparency, the governor now thinks it's better if the public doesn't hear about the coming fiscal crisis for a few months. So much for campaign promises that he would insist on two-year budgets instead of one-year spending plans.

After eight years, New Jersey knows the routine. A Democrat governor signs an irresponsible budget that perpetuates a multi-billion dollar deficit and paves the way for a new round of tax increases and high-cost borrowing. Then the governor praises himself for making 'tough' choices.

New Jersey residents are suffocating under the weight of state and local taxes. Tonight, the Legislature approved a budget that adds $1 billion to the already oppressive tax burden borne by Middle Class New Jersey.

Senators Say Governor Isn't Telling Taxpayers Where He's Spending $17.5 Billion in Federal Stimulus Funds