Corzine Ignores Voters: Fiscal Restructuring = Asset Monetization = More Borrowing =Massive Toll Increase Not Debt Reduction

--GOP Says Corzine Should Veto Port Authority Toll Increase, Redirect Money
from Stem Cell Construction, Begin Freezing State Expenditures Now, And Balance
the Budget with Spending Cuts Only--

Trenton, NJ -- New Jersey Republican State Committee Chairman Tom Wilson issued the following statement today:

“Now we know why Governor Corzine worked so hard to keep his plan a secret. As predicted, the Governor is preparing the single largest debt issuance in state history and the mother of all toll hikes to pay for it. Calling this scheme debt reduction is a fraud. The bottom line is that the total amount owed to pay off our debt will be larger, not smaller, if Corzine has his way the taxpayers will be footing the bill to the tune of billions more in higher tolls for generations. If that’s what Corzine thinks he saw in the results last Tuesday, he needs some new glasses.

Voters want Trenton to get their foot off their throat and their hands out of their pocket. They want the Governor to cut taxes, cut spending, stop borrowing and help them get THEIR fiscal house in order. The courage that voters want to see is the courage to just say no, the courage to cut spending, the courage to veto the Port Authority toll increase, and the courage to stand up for them instead of the sacred cows in state government.

For six years, the Democrats have tried to tax and spend and borrow their way out of the fiscal hole and all they’ve done is make the hole bigger. McGreevey said we had a $1 billion hole, after a $10 billion increase in state spending and a $16 billion increase in debt, we now have a $3-4 billion hole. It’s time to have the courage to restructure and downsize state government. There is an affordability crisis in New Jersey and this scheme will make things worse, not better.

Governor Corzine can begin to help by vetoing the Port Authority toll increase, halting construction on the stem cell facilities and redirect those dollars, reducing current spending by using his authority to freeze and impound appropriated but unspent monies, and developing a budget that is balanced exclusively with spending cuts. Republicans are ready to work with Governor Corzine, but not if that means borrowing more, spending more, and taxing more. We heard the message on election day.”

NJGOP Press Release