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DECEMBER 14, 2015, 7:30 PM LAST UPDATED: MONDAY, DECEMBER 14, 2015, 7:59 PM
BY SALVADOR RIZZO
STATE HOUSE BUREAU |
THE RECORD
Democrats and Republicans in the state Senate unveiled competing economic plans for New Jersey on Monday, with each side promising a lasting fix to the haphazard way the state has been funding major expenses such as pensions and road projects over the years.
The dueling plans are as ambitious as their details are hazy.
On the Democratic side, Senate President Stephen Sweeney outlined a plan to invest at least $1 billion over the next four years on transportation projects, school initiatives, new study commissions and a new “infrastructure bank.”
His plan calls for expanding pre-kindergarten to 17 school districts that do not now offer it; extending light rail service farther into Bergen County and widening the eligibility range for tax breaks on retiree income, raising the income limit for married couples from $10,000 to $100,000. Funding for higher-education scholarships also would grow.
But Senate Democrats did not include a funding mechanism; Sweeney said his proposal would spur enough economic activity to pay for itself, namely by enticing older residents to stay in-state instead of moving after they retire.
“This state has been starved of investment for too long, and we now need to refocus,” he said at a Statehouse news conference.
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