>N.J. treasurer: $1.2 trillion in federal savings would not significantly hurt state budget
State Treasurer Andrew P. Sidamon-Eristoff said Wednesday the $1.2 trillion in federal spending cuts triggered by a congressional committee’s failure to reach a deficit reduction agreement would not significantly harm New Jersey’s budget.
The bipartisan panel, which was established this summer, failed to reach an agreement earlier in the week, setting off a default plan to make across-the-board-spending cuts.
The reductions in spending will come from the military budget and a host of domestic programs. But Social Security, Medicaid, food stamps and other federal programs, which states rely heavily on, were spared from the budget ax. (Renshaw, The Star-Ledger)
