Senate Republican Leader Tom Kean issued the following statement regarding Governor Jon Corzine’s remarks on radio station New Jersey 101.5 that the governor’s “expectation based on how the economy is performing is that if there are going to be surprises, it’s probably going to be with lesser revenues.”
“Last year, I called on Governor Corzine to follow the lead of New York City and New York State and impound unspent monies. Now that the governor has acknowledged that he believes revenue collections may be lower than initial estimates, I again call on him to take action to safeguard the budget from economic downturn.
“I am also concerned that New Jersey is moving too slowly to respond to a decline in revenue collections. The Governor and the State Treasurer won’t update legislators on revenue and spending projections for two more weeks. It’s likely the estimates we are using to guide the budget debate today are far too optimistic. We need regular updates from the treasurer.
“Again, I urge the governor to consider an immediate freeze on non-essential spending and a delay of any new borrowing. It isn’t too late to prepare for an economic storm. The governor must demonstrate leadership and act, and he must do it now.”
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June 24, 2011
