Time for Significant Budget Cuts : NJ revenue shortfall may now be more than $400 million
FRIDAY, FEBRUARY 21, 2014 LAST UPDATED: FRIDAY FEBRUARY 21, 2014, 11:31 PM
BY JOHN REITMEYER
STATE HO– USE BUREAU
THE RECORD
Governor Christie’s budget is facing a shortfall of more than $400 million, a deficit that could cause him to make midyear cuts to the current $33 billion spending plan just as he prepares to pitch his latest state budget on Tuesday.A memo from the Office of Legislative Services obtained by The Record on Friday showed the growing shortfall.
Assembly Budget Committee Chairman Gary Schaer, D-Passaic, said he’s “deeply concerned” the shortfall could mean midyear cuts are coming that could affect New Jersey’s working families. Christie will address the revenue and budget issues in more detail during his address to the Legislature on Tuesday, a spokesman said.
“I sincerely hope the governor’s speech on Tuesday is an honest discussion about the budget problems New Jersey faces,” Schaer said.
Senate Budget and Appropriations Chairman Paul Sarlo, D-Wood-Ridge, said the revenue problems are setting the table for tough budget negotiations leading up to the start of the new state fiscal year on July 1.
“Difficult decisions need to be made,” Sarlo said.
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