Tags: Christie | budget | 32 | Billion

Christie New Jersey Budget Plan Said to Total $32.1 Billion

Tuesday, 21 Feb 2012 01:01 PM


  Comment  |
   Contact Us  |
|  A   A  
  Copy Shortlink
New Jersey Governor Chris Christie will propose a $32.1 billion spending plan that is more than $2 billion higher than this year’s budget, according to four people who were briefed by members of Christie’s administration.

The people, who all work in the legislative branch, declined to be identified because they aren’t authorized to speak ahead of Christie’s budget address. The governor, 49, a first-term Republican, plans to present his fiscal 2013 plan to lawmakers during a 2 p.m. speech at the Statehouse in Trenton.

A $32.1 billion spending plan would be the highest since fiscal 2008, according to budget documents. Michael Drewniak, a spokesman for Christie, declined to comment.

Christie, halfway through his first term, is calling for a 10 percent income-tax cut for every New Jersey resident, even as this year’s revenue collections trail his projections. He also faces higher costs for pension payments and debt service. Democrats, who control the Legislature, say Christie’s proposal favors the wealthy, and he needs to focus on the property-tax burden that has plagued New Jersey homeowners for decades.

Christie, who took office in January 2010 promising to fix state finances without increasing the burden on residents, has accused Democrats of ignoring pocketbook issues such as taxes and job creation while spending the past month on approval of a gay-marriage bill. Christie vetoed that measure on Feb. 18.

Rising pension costs and a slow recovery from the longest recession since World War II led Standard & Poor’s, Moody’s Investors Service and Fitch Ratings to lower the state’s credit grade last year. While revenue in the first half of this fiscal year rose 3 percent compared with the year-earlier period, it was $326 million less than targets in the current budget.

Christie’s $29.7 billion budget for fiscal 2012 funds only 14 percent of the pension payment recommended by actuaries, even after his benefit changes enacted last year, Fitch said in a Jan. 31 report. Pension demands will rise if the state fails to achieve its 8.25 percent assumed return on investments, the company said.

© Copyright 2014 Bloomberg News. All rights reserved.

  Comment  |
   Contact Us  |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Women Start Tuning Out NFL for Abuse-Case Mistakes

Friday, 24 Oct 2014 07:04 AM

Some women are starting to tune out the National Football League as it deals with the fallout from its mishandling of do . . .

Bo Dietl: Stop-and-Frisk Would Have Averted Hatchet Attack

Friday, 24 Oct 2014 06:44 AM

Former New York Police detective Bo Dietl says the ending of the department's stop-and-frisk policy is partly to blame f . . .

Ebola Cases Could Spur Lawsuits With Big Hurdles

Friday, 24 Oct 2014 06:28 AM

In a land of lawsuits, this case seems made for litigation: A doctor appears to miss a red flag, an Ebola diagnosis is d . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved