Thursday, October 29, 2009

Corzine Says "Monetization" May Be Back In A Second Term. He Resents That Voters Don't Appreciate His Work

Jon Corzine told The New York Times that his "asset monetization" borrowing scheme, the one where he planned to sell the Turnpike, Parkway and AC Expressway for $30 billion and raise tolls 800%, may be back on a smaller scale if he is re-elected.

“This idea worked,” the governor said, adding, “So maybe we just need to scale it back.”

In separate interviews with The Times GOP contender Chris Christie and Corzine presented their very different agendas for confronting the projected $8-$10 billion deficit in the coming fiscal year.

Corzine offers more of the same approach that he has followed over the last four years. The Times said that he seemed resentful towards the voters and the media for not appreciating what he has accomplished, citing unsung accomplishments like the passage of a civil unions law, paid family leave and the abolition of the death penalty.

“It’s like in the water that somehow or another we didn’t do some of these things,” Corzine said, adding: “Go through the record. May not be pretty, but we got it done.”

Corzine also said he regretted supporting Christie's appointment as U.S. Attorney because Christie politicized the office and used it as a launching pad (to run against Corzine). Christie convicted 130 corrupt politicians as U.S. Attorney.

For his part, Christie said that given that State's finances it is unlikely that he can fully restore property tax rebates next year, but that he would plug the deficit with up to $5 billion in spending cuts; $1.5 billion in labor concessions, foregoing $500 million in expanded education funding that Corzine has planned, and $3 billion in undefined "programmatic cuts". "Everything is on the table."

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