Senator Kevin O’Toole (R-40) responded today to Governor Jon Corzine’s unwillingness for the past three weeks to respond to a request for records that show what funds he is freezing in order to address a $1.2 billion revenue drop and $200 million of new spending bills that have decimated the State’s $600 million surplus. The Corzine Administration had previously responded to an early-December OPRA request from Senate Republicans by stating that the release of requested documents would be delayed until Christmas Eve (click here to view Administration’s response as PDF).
“Governor Corzine needs to come out of the bunker and level with folks about what he is doing in response to a budget that is plummeting deeply into the red, ” said O’Toole. “So far, Governor Corzine’s only response has been to sign $200 million in spending bills and beg federal taxpayers for a bailout they cannot afford.”
Over the past two months, the State’s budget has fallen into a deficit. A planned $600 million surplus has become a $600 million deficit with the loss of $1.2 billion in revenue. The deficit has been made worse in the past month as Governor Corzine signed $200 million in spending increases without embracing any offsetting spending restraints. Unlike in 2001, the last time revenues were falling: (1) the State is coming off of seven years of tax increases and a hostile regulatory structure that has destroyed our business climate; (2) the unemployment fund is broke; (3) the transportation fund is virtually insolvent; (4) the open space fund is out of money; and (5) sales tax collections have plummeted 12% on top of income tax revenues falling because of an overreliance on capital gains and bonuses.
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June 12, 2009
