Moody's: NJ's Credit Outlook Negative

Moody's Investor Services has maintained NJ's credit rating but lowered its outlook from "stable" to "negative", according to a report on NJ.com The report was critical of budget gimmicks, the depletion of surpluses and temporary funds and the deferal of pension obligations.

Corzine's State Treasurer David Rousseau said,"The affirmation of New Jersey's credit rating by the agencies is a sign of confidence in Governor Corzine's overall handling of fiscal matters in these historically challenging economic times."

Chris Christie said, "Moody's confirms today what we've known all along - New Jersey's economic outlook is 'negative' thanks to Jon Corzine's temporary fixes and one-shot gimmicks. Our government has been operating on credit and plunging into debt, no different than now bankrupt and out-of-business institutions on Wall Street. We've depleted our state's rainy day fund, overwhelmed New Jerseyans with tax increases and have over-played our hand using temporary funds. We all know what happened to Wall Street and our nation's economy because of executives playing with money they didn't have and unfortunately, our governor is no different."

New Jersey Republican State Committee Communications Director Kevin Roberts said,

“Governor Corzine promised to move the state away from 'tax, borrow and spend' budgeting, because he claimed to know the negative consequences for the state. He broke that promise and now we are paying the price for his failed leadership with warning of a "negative" economic outlook. The governor is, to use his own words, playing ‘games with our fiscal house,’ cheating the people of New Jersey and shortchanging their future for his own political benefit. The old ways of doing business in Trenton must change, and that begins with electing a new governor."

Jon Corzine said, If we dream together everything will be alright.