Jon Corzine breaks promise to reveal $400m in budget savings

Senate Republican Budget Officer Anthony Bucco issued the following statement regarding the Corzine Administration’s refusal, to date, to identify the promised $400 million in budget savings that were due at the beginning of the month.

            “My colleagues and I are disappointed that the governor has not honored his promise to identify $400 million in additional budget savings by December 1. It is vitally important that he release this list of savings that is now more than two weeks overdue.

            “Last Fiscal Year the governor waited so long to acknowledge the scope of the budget shortfall all state funds had been depleted.  The only options left were to cancel the last school aid payment and to drastically reduce payments to the public pension systems.

            “It is frustrating that the Corzine Administration is falling back on this familiar pattern of delay.  Everyday that goes by further reduces the options available to close the deficit in a fiscally responsible manner and ultimately penalizes the long suffering taxpayers of New Jersey. 

            “Additionally, the administration acknowledged late last month that his projection of a $400 million shortfall was overly optimistic.  In bond disclosure documents, the administration suggested that the deficit might be as high as $1billion requiring $800 million in additional savings to keep the budget in balance.

            “I believe, in the interest of fairness and transparency that Governor Corzine must release a full list of budget savings his department heads have identified and he must accurately disclose the size of the anticipated budget shortfall.  To do any less would be a great disservice to the taxpayers of this state.”