Senate Republican Leader Tom Kean Jr. made this statement after seeing a Bloomberg News report that Corzine has asked state departments to find $700 million in additional cuts to next year’s budget because of falling state revenue estimates:
“The governor reportedly said during an interview that he believes as much as $700 million in additional budget reductions may be necessary to offset falling tax and fee collections next year, but he won’t announce what he plans to cut until mid-May.
“The governor’s estimate of the additional reductions that will be needed has grown by $200 million in just two weeks. The state’s economy is obviously in flux. Therefore, I repeat my call for Governor Corzine to freeze spending immediately and impound all unspent monies. The state would be in a much stronger financial position today if a freeze had been put in effect seven months ago, when I first called for one.
“The governor also should not wait until the end of May to update the revenue estimates for a budget that must be approved in a few short weeks in June. Legislators need the latest numbers as they craft next year’s spending plan.
“Members of the Republican caucus would applaud bigger cuts from the state’s $33 billion budget. We’d love to meet with the governor to present a list of suggested cuts that have been ignored in the preparation of his past budgets.
“But the public deserves an open and honest budget debate. Governor Corzine should provide revenue estimates to the Legislature on a regular basis. In addition, he should freeze spending and bolster the surplus to avoid a fiscal meltdown next year.”
Link to Post:
http://www.senatenj.com/index.php/tomkean/kean-expanding-budget-deficit-shows-need-for-freeze/442
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October 16, 2009
