March 16, 2006 - 7:19pm
Press Release
Want access to post press releases? To sign up, use this form. You must be logged in.
Assemblyman Guy Gregg
By bguhlGREGG: CORZINE TTF PLAN PROVES NOBODY CAN TOP NEW JERSEY WHEN IT COMES TO FISCAL IRRESPONSIBILITYMarch 16, 2006
Assemblyman Guy Gregg/973-584-5422
Assembly Republican Office/609-292-5339
GREGG: CORZINE TTF PLAN PROVES NOBODY CAN TOP NEW JERSEY WHEN IT COMES TO FISCAL IRRESPONSIBILITY
Assemblyman Guy Gregg today said that the Transportation Trust Fund (TTF) bill approved today by the New Jersey General Assembly may be the nadir in New Jersey’s long and shameful history of fiscal irresponsibility.
"This bill is nothing less than an atrocity against our state’s fiscal health," said Gregg, R-Sussex, Morris and Hunterdon. "This bill is creating a debt burden from under which the taxpayers of this state may never be able emerge without enduring massive tax increases."
Governor Corzine's proposal increases annual spending on the TTF by $400 million per year up to $1.6 billion annually, but it provides only about $100 million more in revenue. In addition to restructuring $1.8 billion in existing debt, the plan would authorize additional borrowing with an extended 30-year repayment period.
This proposal is estimated to have a total cost of nearly $30 billion by the time all of the debt is retired in 2041.
"This bill will only make our state budget crisis worse by expanding our debt obligations and ensuring that five years from now the TTF program will be in no better shape than it is today," Gregg said. "The debt service payments on this plan will preclude us from spending money on schools and property tax relief and will only increase the likelihood of a tax increase in the near future."
#####
Contributors
Wally Edge
Christopher Christie's early exit as federal prosecutor makes it easier for his top assistant, Ralph Marra, Jr., to become the Acting U.S. ... >
Bob Torricelli
There's nothing more difficult to see than the history before your eyes. It sometimes takes generations to understand the significance of ... >
Michael Patrick Carroll
OK, he didn't say precisely that, but when the Chairman of the Budget Committee informs us that governmental spending is the key to prosperity, ... >
Debbie Holtz
The Star Ledger got it right last April when it gave a thumb's-up to the NJN management plan to wean “the state's only public ... >
Steve Lonegan
The sub prime mortgage melt down and its ensuing financial “crisis” has tested the mettle of all of us who believe in and support the free ... >
Dr. Joseph Marbach
I am pleased to report the results from the first national poll conducted by Environmental Studies Program in the College of Arts and Sciences at ... >
Rob Tornoe
To view a larger version of this cartoon, click here. >
Michael P. Riccards
The American patriot and the gracious war hero re-emerged Tuesday, oddly in defeat. Senator John McCain gave a moving concession speech, ... >
Joey Novick
Whenever I get the chance to visit my parents in Florida when working a comedy gig down there, it’s like living in a “Seinfeld” episode. They ... >
Juan Melli
In an election year driven by a hemorrhaging economy and an electorate hungry for an end to divisive politics, 7th Congressional District candidate ... >
Carla Katz
A couple of weeks ago, my mother, Angelina Katz, did her second debate on behalf of Barack Obama. A debate? My mother? If you knew her, you’d be ... >
Patricia Quattrocchi
A press release on the official Union County web site admittedly made me snicker just a bit today because it brought back to mind something my late ... >
Poll
RUNOFF: If Jon Corzine doesn't seek re-election in 2009, who should the Democrats nominate as their candidate for Governor?
Rob Andrews
12%
Cory Booker
18%
Dick Codey
41%
Steven Goldstein
18%
Bill Pascrell
12%
PolitickerNJ Partners
Hot Topics
| Politicker INTERACTIVE | |
 |
Lawmaker Profile Follow the funding of your representatives |
 |
270 to Win See how Obama got to the magic number |
Most Active Stories
- Franklin mayor considers bid for governor
- Former Torricelli aide arrested on child porn charges
- Why is Levine running?
- Andrews won't rule out future statewide bid
- Corzine on Clinton - and treasury
- Castner headed to Gibbons
- If Christie or Crowley gets in, Murphy out of governor's race
- Hooker named new NJN anchor
- Is this the kickoff of Donovan for Lt. Governor?
- Bramnick backs Christie for governor; urges GOP to use Lance as a model
- Correction: Weiner departure was not his own idea
- Torricelli on COAH
- Two N.J. super delegates go to Obama; Norcross backs Obama; key Clinton supporters endorse Obama
- At energy policy meeting, Rose fights with cabinet and walks away
- Sixteen Democrats are on Norcross' short list for Andrews House seat
- Jackson will be Corzine's new Chief of Staff
- Roughneen in court today on signature challenge
- New Jersey's Most Powerful Law Firms
- Torricelli on deer hunting
- Democrats compete for delegate seats
Quote of the Day
November 18, 2008
"A new level of attention was brought to the scourge of political corruption in this state and we are proud of the results." -- U.S. Attorney Christopher J. Christie, announcing his resignation.
-Philadelphia Inquirer, 11/18/08
Recent Press Releases
In the News
Read the expanded Wake Up Call, our summary of today’s news media coverage.
Today’s Must Reads:
Corzine for Treasury? Don't Bet on It.― WASHINGTON POST
Immigrants still in New Jersey― THE BERGEN RECORD
Now it's the Dems' chance to be dumb― PAUL MULSHINE
Corzine likely to go nowhere― THE DAILY RECORD
SILENT ON CHARGE; LIPSKI TELLS OF ALCOHOL BATTLE― STEVEN LIPSKI
Reclaiming the narrative of an enlightened nation ― CORY BOOKER
Gays don't 'got Milk' ― ALFRED DOBLIN
Shulman campaign receives boost ― 5TH DISTRICT
PolitickerNJ.com Jobs
Syndicate
Comments