Reporting David Madden
By David Madden
TRENTON, N. J. (CBS) - New Jersey Assembly members held a hearing this week looking at a potential state tax revenue shortfall, but there’s some debate over the motivation behind the hearing.
A special hearing of the Budget Committee featured the legislature’s bipartisan analyst.
David Rosen suggested that to avoid a potential $240 million shortfall next June growth estimates would have to be even greater than those of the Christie Administration .
“To hit the revenue targets of the budget would now require 8.2% growth rather than 7.2% growth,” Rosen said.
And they’re nowhere near that. Rosen predicted budget cuts may be in the offing soon.
The state treasurer opted not to attend the hearing. Republicans considered the hearing little more than political theatre, and even Rosen admitted he didn’t have much more to tell than has already been told.
Democrats countered they needed to keep a close eye on things.