Tony Bucco

Urges End to Wall Street Games That Destroyed Our Economy

Senate Republican Budget Officer Anthony R. Bucco strongly condemned the Joint Budget Oversight Committee's approval of a debt restructuring gimmick that Governor Corzine plans to use to push more of today's crippling debt burden on to our children and grandchildren.

"The 'savings' that the treasurer is predicting from this debt sale are an illusion cooked up by desperate politicians and their enablers on Wall Street," Bucco said. "The proposal clearly proves Governor Corzine and legislative Democrats will continue to rely on unforgivably irresponsible gimmicks like many others that Wall Street has hawked to New Jersey over the past eight years."

The Joint Budget Oversight Committee today approved a restructuring of bonded debt whereby the state will skip more than $100 million in payments in 2010 in return for higher debt and dramatically higher payments in future years. Corzine's budget relies on this plan and "savings" totaling more than $400 million from similar bond gimmicks that it has thus far refused to detail to the public.

"Everyone in America has learned the painful lessons of irresponsible borrowing it seems except Governor Corzine and the legislative Democrats," Bucco said. "This is the same kind of borrowing that led to the subprime mortgage disaster and the current economic crisis."

Incredibly, Assembly Budget Chairman Lou Greenwald stated at today's meeting that Corzine's refinancing is exactly what average Americans all across the country are doing every day. Bucco points out that many Americans are refinancing at lower interest rates to truly reduce their payments and borrowing costs -- not to add debt, push today's expenses on to their children or boost their interest costs. Yet the bond documents show this refinancing will both greatly increase both debt owed by the state, and the expense of paying back that debt.

"Adding to the crippling debt we are placing on our children is inexcusable, and that's why I voted against this measure," Bucco said.

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Tony Bucco, Jr.: ready to receive Schundler endorsement

Former Republican gubernatorial nominee Bret Schundler on Monday will formally endorse Assemblyman Michael Patrick Carroll (R-Morris Twp.) and Tony Bucco, Jr., in the District 25 Assembly race, bringing two rivals into alignment behind the same backer.

No one runs as part of a team in this three-man contest, and yet to date, much of the GOP establishment has announced support for Morris County Freeholder Doug Cabana and Bucco, a trend epitomized by Morris County GOP Chair John Sette’s endorsement of the two Assembly candidates, in addition to other Trenton and Morris County electeds throwing their fundraising powers or simple goodwill behind the pair.   

Morris County Freeholder Doug Cabana

The three remaining competitors in the 25th Legislative District GOP Primary deny that the absence of Randolph Councilman Gary Algeier from the race will significantly alter their battlefield strategies.

Algeier, a Morristown-based attorney, dropped his Assembly bid this week.

“The decision is based upon a significant change in my professional life which renders it impractical to continue this candidacy,” he said in a statement. “The decision was most difficult, not because of my own personal situation, but more because of all the work and commitment that my supporters have provided to the campaign for the Assembly Seat.

Senator Bucco Questions Why Corzine’s Appointees Receive Double-Digit Raises While Everyone Else Is Told to Sacrifice

Senate Republican Budget Officer Tony Bucco (R-Morris), called on Governor Corzine to explain recent double-digit pay increases for political appointees in his administration. At a Senate Budget hearing this morning, the Commissioner of the Department of Health and Senior Services could not explain double-digit raises in that department and promised to get back to the committee with an answer.

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Assemblyman Michael Patrick Carroll (R-Morris Twp.)

Assemblyman Michael Patrick Carroll (R-Morris Township) never minded bucking the system, so Morris GOP Chair John Sette’s endorsement of two rival primary candidates landed with no crushing force.  

“John Sette is entitled to his opinion,” said Carroll. “I’m sorry he feels that way.  I would have appreciated the courtesy of a phone call instead of reading it cold. ...The truth is, I would be honored to serve with any of the three other men running for this office.” 

As he assessed the field of four candidates pursuing two seats in the 25th District, Sette complained about Carroll’s boast that he was going to Trenton to “do nothing.”

Republican Budget Officer Tony Bucco's opening remarks as the Senate Budget and Appropriations Committee began budget hearings today:

The six Republican members of the Senate Budget and Appropriations Committee said today's testimony shows Governor Corzine has created a breathtakingly irresponsible budget that will inevitably result in crippling tax increases on New Jersey's middle class if he wins re-election.

Morris County Freeholder Doug Cabana with Wharton Mayor/Morris Freeholder William Chegwidden (right)

In his bid for a seat in the 25th Legislative District, Morris County Freeholder Doug Cabana today announced the support of 13 of the district’s 15 Republican mayors. 

They are: Cyril Wekilsky of Boonton; Thomas Donadio of Boonton Twp.; P. Ted Hussa of Denville Twp.; Russell Felter of Jefferson Twp.; Frank Cioppettini of Mendham Twp.; Richard Leary of Mine Hill Twp.; Arthur Ondish of Mt. Arlington; Stephen Shaw of Mountain Lakes; Kathyann Snyder of Rockaway Borough; Louis Sceusi of Rockaway Twp.; Kathy DeFllippo of Roxbury Twp.; Betty Simmons of Victory Gardens; and William Chegwidden of Wharton. 

“I am humbled to have the support of these community leaders, with whom I’ve worked to help provide good government for the citizens of Morris County,” said Cabana, who is running in a field of four candidates in pursuit of two seats, including one left vacant by retiring Assemblyman Richard Merkt (R-Mendham), a Republican candidate for governor.

Tony Bucco at his pasta dinner event in the Zeris Inn on Thursday evening.

MOUNTAIN LAKES – They’ve seen other candidates in neighboring districts arrive at the brink of running and then back down with the awful idea of a bad economy turning even worse. For if there’s nobility in serving the public, there is also the catastrophic fear of accepting that service to the detriment of the more foundational forces of job and family.

What’s the good of circulating a glossy mailer advertising first-rate business credentials and a great looking family, when in fact the family sits at home with no food on the table because dad is out pouring the contents of their nest egg into his campaign, and a once thriving but now unmanned business simultaneously goes belly up?

Yet as hard as it is to run, to pick up the phone and beg for money in a flat-lined economy, the four 25th District Republican primary candidates in pursuit of two seats – all attorneys who fulfill at least some government contract work, some more than others - are going anyway, lousy economy be damned.

“We’re in the early stages of this campaign, and I’m in whether I raise $10 or $100,000,” said Randolph Councilman Gary Algeier, who intends to rely on writing columns and door-to-door campaigning probably more than fundraising.

Morris County Freeholder James Murray remains undecided on running for Governor.

MOUNTAIN LAKES – He appeared at Tony Bucco, Jr.’s pasta dinner at the Zeris Inn last night, and was the first to RSVP Doug Cabana’s campaign, saying he planned to attend the candidate’s Friday night fish fry next week, but Morris County Freeholder Jim Murray hasn’t decided whether he intends to run for governor.

“I’m still mulling it over,” he told PolitickerNJ. “We need to shake things up in Trenton.”

Murray’s out-of-nowhere 2007 dethroning of Freeholder John Inglesino shot the low-key retired municipal engineer into county campaign folklore. 

But to date he remains an organization outsider and his public soul-searching now over whether he will force a long-shot clash with former U.S. Attorney Chris Christie in the Republican primary for governor circulates among Morris County party members as a going topic of bewilderment.