State Budget

TRENTON – Senator Paul A. Sarlo (D-Bergen, Essex and Passaic), vice chairman of the Senate Budget and Appropriations Committee issued the following statement on Gov. Jon S. Corzine’s budget message today:

“This budget message illustrates two important points – that we are in an economic crisis like most of us have never seen before and that the tough choices this Governor and Legislature have made in the past have positioned us to be able to better get through it. We have a head start on states that have not taken some of the steps we have already.

TRENTON – Senate Majority Leader Stephen Sweeney (D-Gloucester, Cumberland and Salem) issued the following statement on Gov. Jon S. Corzine’s budget address today:

“What we all heard from Governor Corzine today was a sobering assessment of the dire state of our economy and a detailed plan for New Jersey to follow to get through this difficult time and emerge stronger in the future. Make no mistake about it – the cuts proposed today will hurt, and that pain will be felt by a lot of people. The Governor is trying to preserve his commitment to property tax relief, health care and education, values all New Jerseyans can support.

TRENTON – A bill sponsored by Senate Majority Leader Stephen Sweeney (D-Gloucester, Cumberland and Salem) to spur small business lending by New Jersey’s community banks by allowing the state to invest a portion of its cash management funds in certificates of deposit, fixed income securities and other investments was approved today by a Senate committee.

The bill (S-2552) is intended to increase the liquidity of New Jersey community banks so they can make more and cheaper capital available to small businesses, local governments and individual borrowers.

TRENTON – Senator Loretta Weinberg is planning to introduce a resolution urging certain paid members of boards and commissions in state and local government to waive three-month’s of salary and pay their own and their public’s pension contributions.

The proposed Senate Resolution, which is being drafted, would ask board and commission members who work fewer than 25 hours per week to forgo their pay and make the pension contributions for a period of three months as part of an effort to help the state close a gap in the current state budget.

TRENTON – Senate Majority Leader Steve Sweeney, D-Gloucester, Cumberland, Salem, issued the following statement in response to Gov. Jon S. Corzine’s announcement on New Jersey’s finances:

“The economic downturn that continues to grip the entire country shows no signs of easing anytime soon. In fact, as the numbers Governor Corzine announced today show, it continues to worsen. State government spending levels will be more than $4 billion lower than what was projected last year when we began putting the current budget together. This is like nothing the state has ever seen.

State Senator Steve Oroho sets the record straight on Republican management of the Unemployment Insurance Fund.

GREENWALD STATEMENT ON BUDGET CUTS

(TRENTON) – Assembly Budget Chairman Louis D. Greenwald (D-Camden) made the following statement today in response to Gov. Jon S. Corzine’s mid-year budget cuts:

Governor Corzine is gearing up for a re-election campaign next year just as the state's economy is contracting rapidly.  In addition, the state budget is facing at least a $1 billion deficit this fiscal year and as much as a $4 billion deficit next year as revenues are plunging because the Great Recession of 2008 is causing more layoffs while profits are shrinking or disappearing in virtually all businesses. 

Although Governor Corzine has stated in the past he didn't want to be governor so he could be a "Scrooge," economic reality has made even the most passionate advocate of big government accept the fact that the state does not have unlimited resources to fund forever the redistribution of income, known as welfarism, statism, or collectivism.  All Corzine can do now is make sure that state spending does not exceed revenue, and that means he will have to cut programs he wants to expand, e.g., providing some form of subsidized healthcare for families who currently are not eligible for FamilyCare.

It's the perfect time to reopen the budget and pass real reform

Senator Steve Oroho (R-24), a member of the Senate Budget and Appropriations Committee, issued the following statement today urging Governor Corzine to immediately provide specifics about the savings he expects from state departments and agencies to help eliminate a $1.2 billion budget shortfall. A recent bond prospectus indicates that the governor is counting on $625 million from various state departments to balance the budget this year (fiscal 2009) and in fiscal year 2010.

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