New Jersey Budget
No one was surprised that Christie issued line-item vetoes for $1.6 billion in spending and also vetoed tax hikes that Democrats in the legislature had wanted.
With a week and a half before New Jersey must legally adopt a new budget, senate Democrats have presented their alternative to Governor Chris Christie’s plan to slash pension payments to balance the spending plan.
New Jersey Governor Chris Christie’s decision to reduce payments into the state’s pension fund to bridge an $800M immediate revenue shortfall could have serious repercussions far away from Trenton.
New Jersey Governor Chris Christie will announce his budget plan Tuesday for the fiscal year starting July 1, also the deadline for the Democrat-controlled Legislature to approve a plan.
Governor Chris Christie was expected to quietly sign the new budget for New Jersey by the end of the day Friday.
Despite lower than expected revenues, Governor Chris Christie wants taxes cut, and says he won’t sign a budget without one.
New Jersey’s economic recovery has not been as robust as state forecasters had anticipated. As a result there is a revenue shortfall, the size of which is now being debated by legislators in Trenton.
The governor gets his revenue projections from the state treasurer and puts them in his budget. Legislators turn to their own expert in the Office of Legislative Services (OLS).
It contains an income tax cut and more money in several key areas, including a massive payment into the public worker pension fund.
Berthed on the Camden waterfront, the most decorated battleship in US naval history took one across the bow in Gov. Christie’s state budget.
Depending on whom you talk to, these hearings are either a necessary sounding board for those in need, or unnecessary and potentialyl dangerous political theatre.
Camden’s mayor is expressing relief over a reversal by Gov. Chris Christie after he initially canceled the state’s transitional aid program to distressed communities.
Democratic state senators, needing some Republican support to override the governor’s vetoes, got none.
Last week’s budget cuts from Trenton could leave financially distressed urban areas like Camden in serious trouble.
Christie says the move is necessary to shore up the state’s badly underfunded retirement systems. He predicts New Jersey’s fix will be emulated nationally by other states facing similar shortfalls.