The five Republican members of the New Jersey Senate Budget and Appropriations Committee, Republican Budget Officer Anthony Bucco and Senators Pennacchio, O’Toole, Oroho and Doherty, issued the following statement regarding the state of the Fiscal Year 2011 budget:
“Years of serial fiscal mismanagement have brought us to this point. Too many administrations have taxed, borrowed, spent and deferred until the citizens of this state could take no more. “New Jersey has the highest tax burden of all the states due to unrestrained spending. Even a former Democratic Treasurer acknowledged that this state has a ‘spending problem’ not a revenue problem.
“The reality is advocating for another hike in the income tax is exactly the fiscally irresponsible behavior that landed us in this situation in the first place. Higher taxes in New Jersey have led to lower total revenues and also less employment. The only option left is to cut the budget, but cut it in a manner that does the least amount of harm to the long suffering citizens of this great state.
“Looking forward it is obvious that we must focus our efforts on economic development and jobs growth. We must remove the decades of bureaucratic impediments that reduced the economic powerhouse of the nation into an economic basket case.
“New Jersey can return to prosperity. We believe that under responsible new leadership it will.”