Wall Street Slump Should Not be Used As Excuse For Toll Hike Scheme
Senate Republican Whip Thomas H. Kean (R-Essex/Morris/Somerset/Union) called upon the Corzine Administration and legislative Democrats to adopt prudent spending reductions in the current State Budget in light of reports that indicate that the cooling real estate market, hedge fund losses and a reduction in financial sector bonuses will have a detrimental effect upon income tax revenues.
“It is becoming increasingly clear that a downturn in Wall Street revenues and the collapse of the sub-prime mortgage market will have a negative impact upon income tax revenues, ” said Kean. “According to numerous media reports, both the Bloomberg and Spitzer administrations are expecting that weakness in the financial sector will result in reduced budget revenues for both the city and state governments in New York. The administration should follow New York’s example and take action to cut spending now, and not use the worsening Wall Street situation as their excuse to raid the pockets of New Jersey taxpayers later.”
Link to Post:
http://www.senatenj.com/index.php/tomkean/kean-prepare-for-tough-fy-2009-budget-now/130
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