Movement Of Latest Transportation Trust Fund Measure In New Jersey

TRENTON, N.J. (CBS) - As expected, the New Jersey Senate Budget Committee voted to approve the latest compromise to replenish the state's transportation trust fund.

No one is thrilled with the way this plan of hiking the gas tax 23 cents a gallon while lowering other taxes is playing out. Not that the ideas themselves are bad, although to be sure there people opposed to some or all of this alternative worked out between Assembly and Senate leaders.

It's the politics of it all that bothers a lot of people. Republican State Senator Kevin O'Toole made it clear. Any deal has to include Governor Chris Christie, and all sides need to talk more to get a true accord, particularly since he's declared the latest plan "dead on arrival".

"I think whether we want to acknowledge it or not unless there's going to be votes that we're going to see on an override in the Assembly and Senate which I don't see materializing on this," O'Toole said.

The proposal's tax cuts differ from what Christie has recently supported. He appears to favor a phased in 1% reduction in the state's 7% sales tax. This measure does not include that idea, but it does allow for tax credits on a number of fronts, including one on the gas tax itself for people earning less than 100 thousand dollars a year.

Those who testified at the hearing, for the most part, just want the impasse settled now, given hundreds of local road projects have been halted, and thousands of workers have been laid off.

"We cannot afford to delay decisions on this any longer," Tom Bracken, head of the New Jersey Chamber of Commerce said. "We cannot afford to fund our TTF with anything less than 2 billion dollars a year with a 23 cent gas tax increase."

A full senate vote could come next week. That could well hinge on whether there's enough Republican votes in the Senate and Assembly to override a certain Christie veto.

Right now, Democratic leaders appear to be a little short.