GOP: No NJ Budget Deal

New Jersey Republican Leaders Senator Tom Kean and Assemblyman Alex DeCroce announced that the Senate and Assembly Republican caucuses are united in their opposition to Democratic Gov. Jon S. Corzine's budget for the coming fiscal year.
"Governor Corzine's budget shows why New Jersey desperately needs change," commented Kean, R-Union, Essex, Morris and Somerset. "Republicans are brimming with new ideas for getting more value from the dollars citizens spend on their government, so that a budget like this one is never seen again. Adoption of the best of these reforms would make Trenton more accountable and New Jersey more affordable to middle class families."
"This budget will take a fiscal crisis and transform it into a monumental catastrophe for taxpayers," said DeCroce, R-Morris and Passaic.
"If this is the road Corzine and the Democrats want to take, we are not going along for the ride. Only their fingerprints will appear on this budget, which will inflict more pain and misery on taxpayers." Kean and DeCroce presented the official Republican response to the budget at a State House news conference today. They were joined by state Senator Tony Bucco and Assemblyman Joe Malone, who are the respective budget committee leaders for the Republicans.
The Republican response details a comprehensive proposal for structural reforms to state government in order to foster economic development, create jobs, and fulfill the promise of property tax relief to homeowners. "New Jersey state government will face the worst, most devastating fiscal crisis in its modern history starting next year," remarked Bucco, R-Morris. "We desperately need ideas for reforms that will start us down the long road to fiscal recovery and positive change."
"This budget is a prime example of the same failed policies that taxpayers have seen for the last seven years," added Malone. "The truth is that New Jersey is on the verge of financial collapse, and instead of recognizing that drastic, sustained reform is required, the Democrats are content to worry about today and deny there will be a tomorrow."
The leaders said that Republicans have continuously offered suggestions on how to balance the budget, but they have been ignored by the governor and Democrats in the Legislature. They pointed out that over the last five years, $6 billion in reduced spending have been proposed, but were never considered.
"We didn't have to be in the position we are in today," noted DeCroce. "But we are not giving up. The reforms we are offering will restore honesty and accountability to the budget process. Our proposal outlines ways to right New Jersey's fiscal ship and the misguided way state government operates."
By prescribing higher taxes and the virtual elimination of the property tax rebate program, Corzine will push the New Jersey economy into a deeper recession. Using factors such as gross domestic product, unemployment, home prices, income and affordability, Forbes magazine today released its ranking of the nation's 10 best and worst areas suited for recovery.
New Jersey, grouped in a metro area with the New York and Pennsylvania, ranked sixth on the worst list. Moody's anticipates it will take three years, until the third quarter of 2012, before the region's economy returns to its old peak.