NJ Governor: "This is not the time to raise spending. We need to have cuts.''

[w¡n9Nµ7 §£@¥€r 123]

New Jersey Governor Jon Corzine said growing home foreclosures and unemployment are cutting into state tax revenue and he may have to make deeper spending cuts than the $2.7 billion he proposed last month.

Corzine, a first-term Democrat, declined to say how much revenue had fallen in recent months. Collections for December, the last month reported, were $53.1 million or 1.7 percent below projections, according to the state Treasury Department.

"It's real and we've seen a dramatic change in revenue at the state level,'' Corzine said today in Trenton during an address to mayors. "This is not the time to raise spending. We need to have cuts.''

http://www.bloomberg.com/apps/news?pid=206...W0&refer=us

[Teacher Mark 53]

Yeah, Corzine is a real stand up guy:

http://www.thenewspaper.com/news/21/2187.asp

[w¡n9Nµ7 §£@¥€r 123]

Lonegan is a bit of a freak.

[Trumplestiltskin 5,791]

I'm just as worried about the MTA in NY running with a deficit of $6bn. They reckon that pretty soon $0.43 of every dollar you spend on public transport in NY will go towards paying off loan debts.

[Teacher Mark 53]

Lonegan is a bit of a freak.

O.K. I did some quick research and yes he's a bit strange and a hypocrite as well. He still has a right to be a thorn in a public figures side though! I HATE TOLLS (not Trolls)!

http://en.wikipedia.org/wiki/Steve_Lonegan

Edited March 14, 2008 by WideAwakeInTheUSA

[w¡n9Nµ7 §£@¥€r 123]

Yes, he does. I didn't call him anything worse, just a freak. He's a strange person. I'd rather he exist than not, though.

[almaty 19]

New Jersey Governor Jon Corzine FTW!

[w¡n9Nµ7 §£@¥€r 123]

New Jersey Governor Jon Corzine FTW!

Yes, it is good to hear that kind of talk in this state after many years of spend spend spend.

[almaty 19]

i agree too, brother arijit..time for a change in taxing the people and spending funds foolishly

[Heracles 417]

I like this guy. He is a smart guy. The issue many states face is that they need to spend money to generate momentum, in the economy, but also face huge deficits.

[almaty 19]

i hope the governor is successful and it becomes a trend

[mawilson 2,133]

I'm just as worried about the MTA in NY running with a deficit of $6bn. They reckon that pretty soon $0.43 of every dollar you spend on public transport in NY will go towards paying off loan debts.

#6, where does the number come from?

According to the New York Times:

"The authority has warned for several years that it would face dire financial challenges

because of hefty increases in debt payments caused by major borrowing. In February,

it said it would have a deficit next year of $799 million, followed by deficits of $1.46 billion

in 2009 and $1.78 billion in 2010. "

But it may now find itself with a different sort of challenge: convincing the public that

a fare and toll increase is necessary when it is still operating in the black. Last year, the

authority ran a surplus of more than $900 million, money that is being used in this year’s

budget. The surplus at the end of this year is expected to be similar. The surpluses have

largely been generated by higher-than-expected income from taxes on real estate sales

and mortgages.

The budget surpluses also represent a marked reversal from earlier forecasts. In late 2003,

the authority predicted it would have a budget shortfall this year of $1.5 billion. "

Source

[mawilson 2,133]

Bump for #6.

[Trumplestiltskin 5,791]

I'm just as worried about the MTA in NY running with a deficit of $6bn. They reckon that pretty soon $0.43 of every dollar you spend on public transport in NY will go towards paying off loan debts.

#6, where does the number come from?

According to the New York Times:

"The authority has warned for several years that it would face dire financial challenges

because of hefty increases in debt payments caused by major borrowing. In February,

it said it would have a deficit next year of $799 million, followed by deficits of $1.46 billion

in 2009 and $1.78 billion in 2010. "

But it may now find itself with a different sort of challenge: convincing the public that

a fare and toll increase is necessary when it is still operating in the black. Last year, the

authority ran a surplus of more than $900 million, money that is being used in this year’s

budget. The surplus at the end of this year is expected to be similar. The surpluses have

largely been generated by higher-than-expected income from taxes on real estate sales

and mortgages.

The budget surpluses also represent a marked reversal from earlier forecasts. In late 2003,

the authority predicted it would have a budget shortfall this year of $1.5 billion. "

Source

I heard it quoted on the radio a while back. Could have misheard.

[mawilson 2,133]

I'm just as worried about the MTA in NY running with a deficit of $6bn. They reckon that pretty soon $0.43 of every dollar you spend on public transport in NY will go towards paying off loan debts.

#6, where does the number come from?

According to the New York Times:

"The authority has warned for several years that it would face dire financial challenges

because of hefty increases in debt payments caused by major borrowing. In February,

it said it would have a deficit next year of $799 million, followed by deficits of $1.46 billion

in 2009 and $1.78 billion in 2010. "

But it may now find itself with a different sort of challenge: convincing the public that

a fare and toll increase is necessary when it is still operating in the black. Last year, the

authority ran a surplus of more than $900 million, money that is being used in this year’s

budget. The surplus at the end of this year is expected to be similar. The surpluses have

largely been generated by higher-than-expected income from taxes on real estate sales

and mortgages.

The budget surpluses also represent a marked reversal from earlier forecasts. In late 2003,

the authority predicted it would have a budget shortfall this year of $1.5 billion. "

Source

I heard it quoted on the radio a while back. Could have misheard.

Probably one of their pessimistic "forecasts".