October 21, 2008
Contact: Bill Murray / (609) 292-5199Senator Anthony R. Bucco (R-25), Senator Kevin J. O'Toole (R-40), Senator Philip E. Haines (R-8), Senator Steve Oroho (R-24)
The Republican members of the Senate Budget and Appropriations Committee issued the following statement calling on Governor Jon Corzine to use his statutory authority to impound unspent monies to cover an expected revenue shortfall in the Fiscal Year 2009 budget. During the 2009 budget discussions, Republicans proposed more than 60 specific line item budget cuts totaling $1.3 billion to lessen the burden on the middle class for a government that has grown too big to sustain.
“Yesterday’s testimony, by several respected economists, before the Senate Budget and Appropriations Committee on New Jersey’s economy was certainly candid. The Legislature and the Corzine Administration must take quick and decisive action to mitigate the effects of the worst financial crisis in a generation.
“During the economic downturn that quickly followed the terror attacks of 9-11 former Governor DiFrancesco froze nearly $650 million in unspent funds. The fiscal crisis facing the state today merits at least the same level of action.
“During a crisis of this magnitude the inclination of many is to cast blame. This is not our intention. We want to fix the problem, not assign blame.
“We do not have the luxury of time. According to the nonpartisan Office of Legislative Services, the revenue shortfall in the Fiscal Year 2009 budget could rise to nearly $1 billion, This may be compounded by increases in program costs associated with rising unemployment.
“The Corzine Administration must use its authority under Title 52 of the statutes to freeze enough unspent funds to cover a revenue shortfall that is rapidly increasing. Failure to take this action could result in the possible collapse of essential state government services. It is our hope that the Governor will work with us to ease the effects on middle class New Jersey taxpayers.”
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