Balancing New Jersey’s $800 Million Budget Shortfall - New York News

Balancing New Jersey’s $800 Million Budget Shortfall

Posted: Updated:
Trenton, New Jersey (My9NJ) - It was recently announced that New Jersey’s revenue is about $800 million short of Governor Chris Christie’s projections. New Jersey’s constitution requires a balanced budget, so with just eight-weeks left in the fiscal year, the governor will have to either make cuts or raise taxes to break even.

At yesterday’s press conference, Governor Christie addressed his plans.

“I just found out about it yesterday at noon, and I think what you’ve seen is that there’s a number of states both in the region across the country that are dealing with the exact same problem. In the last 27 hours that I found out about it, we have not come up with a complete plan to deal with it, but this is not a problem we’re gonna grow out of, this is a problem we have to deal with aggressively,” he said.

It seems likely that the governor will be making more cuts, rather than raise taxes to resolve the budget deficit, but he won’t make any statements on where the cuts will come from.

Independent journalist Dennis Kneale chimed in to discuss what would be the best move for the governor to make.

“If he does the right things here, he’s going to be able to divert national attention from the entire issue of whether this guy is a hatchet man as a politician who punishes his enemies, and instead look at him as a CEO of a government and what he does in a big crisis here. Now the $800 million is only about 2.5% of a $34 billion budget. The reason New Jersey tax revenue came in $800 million short it’s because the federal government raised taxes on the rich. When you raise taxes you end up collecting less money because the rich end up doing things to avoid paying higher taxes,” he said.

Kneale believes that if Christie can make himself an ally to the taxpayers and unions then he is setting himself up for a good spot in the upcoming presidential election. However, he says that shouldn’t take away from the real budget problems still plaguing the Garden State.

“This budget crisis is only the beginning because the pensions that public employee unions have are just out of control in this country and the unions so far have consistently refused to do anything. This is not about keeping your word; this is about cutting spending so that it matches the income coming in. Jersey becomes the nations test lab for the next big confrontation between public employee pension funds and governments needs to spend only what it takes in,” Kneale concluded.


Watch Chasing New Jersey weeknights at 10pm on My9 and don’t forget to like us on Facebook!

  • Chasing New JerseyMore>>

  • Hoboken Cracking Down On Uber Car Services

    Hoboken Cracking Down On Uber Car Services

    Friday, August 29 2014 1:11 PM EDT2014-08-29 17:11:05 GMT
    The town of Hoboken, New Jersey is cracking down on Uber cars driving in and picking up passengers in the city. Uber is an app that you can use to request a car service to pick you up, but city officials say they are not licensed to operate in town. Marcus Enriquez was actually thrown out of an Uber car by a Hoboken police officer. He said he was on his way to work outside of the Hoboken taxi stand when a cop knocked on the window, kicked him out of the car and ticketed the Uber driver.
    The town of Hoboken, New Jersey is cracking down on Uber cars driving in and picking up passengers in the city. Uber is an app that you can use to request a car service to pick you up, but city officials say they are not licensed to operate in town. Marcus Enriquez was actually thrown out of an Uber car by a Hoboken police officer. He said he was on his way to work outside of the Hoboken taxi stand when a cop knocked on the window, kicked him out of the car and ticketed the Uber driver.
  • Backlash Over 9-Year-Old Uzi Accident That Killed A Shooting Instructor

    Backlash Over 9-Year-Old Uzi Accident That Killed A Shooting Instructor

    Friday, August 29 2014 10:34 AM EDT2014-08-29 14:34:27 GMT
    The tragic accident of a 9-year-old New Jersey Girl who shot and killed a Las Vegas shooting instructor while shooting a fully automatic Uzi has gained national attention. The young girl was learning to shoot when the gun recoiled hitting the instructor in the head and killing him. This story has once again opened the debate about appropriate use of guns among children.
    The tragic accident of a 9-year-old New Jersey Girl who shot and killed a Las Vegas shooting instructor while shooting a fully automatic Uzi has gained national attention. The young girl was learning to shoot when the gun recoiled hitting the instructor in the head and killing him. This story has once again opened the debate about appropriate use of guns among children.
  • Town Passes Recording Ordinance After Cop Caught Dissing Obama

    Town Passes Recording Ordinance After Cop Caught Dissing Obama

    Friday, August 29 2014 10:33 AM EDT2014-08-29 14:33:59 GMT
    Steven Wronko is a Helmetta, New Jersey resident who recently taped local police officer, Richard Recine, saying that he doesn't have to follow the U.S. Constitution because President Obama doesn't. “Obama has decimated the friggen Constitution so I don't give a damn, cause if he doesn't have to follow the Constitution, we don't have to,” Recine is heard saying on tape.
    Steven Wronko is a Helmetta, New Jersey resident who recently taped local police officer, Richard Recine, saying that he doesn't have to follow the U.S. Constitution because President Obama doesn't. “Obama has decimated the friggen Constitution so I don't give a damn, cause if he doesn't have to follow the Constitution, we don't have to,” Recine is heard saying on tape.
  • Local NewsLocal NewsMore>>

  • Subway bedbug infestations on the rise

    Subway bedbug infestations on the rise

    Monday, September 1 2014 6:48 PM EDT2014-09-01 22:48:09 GMT
    It appears the subway bedbug problem we've been reporting is getting worse. Commuters already have to contend with sweltering platforms, scurrying rats and packed train cars, and now there's another transit woe: fear of bedbugs.
    It appears the subway bedbug problem we've been reporting is getting worse. Commuters already have to contend with sweltering platforms, scurrying rats and packed train cars, and now there's another transit woe: fear of bedbugs.
  • Hope's Land of Candy

    Hope's Land of Candy

    Monday, September 1 2014 6:26 PM EDT2014-09-01 22:26:26 GMT
    Step through the doors of Hope's Land of Candy in Island Park, Long Island and you''ll be taking a trip back in time. There's no WIFI but they do have a player piano, Victrola, and then there the candy, lot and lots of it.
    Step through the doors of Hope's Land of Candy in Island Park, Long Island and you''ll be taking a trip back in time. There's no WIFI but they do have a player piano, Victrola, and then there the candy, lot and lots of it.
  • West Indian Day Parade steps off amid shootings

    West Indian Day Parade steps off amid shootings

    Monday, September 1 2014 6:05 PM EDT2014-09-01 22:05:47 GMT
    The West Indian Day Parade is supposed to be a time of fun and excitement in celebration of Caribbean culture. However, several shootings near the parade has turned it into a day of tragedy for some.
    The West Indian Day Parade is supposed to be a time of fun and excitement in celebration of Caribbean culture. However, several shootings near the parade has turned it into a day of tragedy for some.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices