NJ Reaches Deal on Deficit

[501]

Christie, N.J. Lawmakers Reach $29.4 Billion Budget Accord
June 22, 2010, 6:31 AM EDT
 

June 22 (Bloomberg) -- New Jersey lawmakers settled with Governor Chris Christie on a $29.4 billion budget that closes a record $10.7 billion deficit without a tax increase.

“This has been an arduous process that has required many difficult decisions,” Christie, a Republican who took office in January, said yesterday in a statement. “This budget stays true to the principles I originally outlined, keeping spending within our means and restoring fiscal order without raising taxes.”

Democrats, who control both houses of the Legislature, disagree with some of Christie’s $10 billion in spending cuts and said they would leave it to Republicans to sponsor and spearhead the final plan’s passage for the fiscal year that starts July 1.

The agreement maintains a $300 million surplus and reverses $74 million in reductions Christie proposed for areas including welfare, mental health and home nursing care for the elderly. It offsets the higher spending through cuts to two-dozen programs. It also abandons Christie’s proposal to raise $65 million through ending the prohibition on Sunday retail sales in Bergen County, Treasurer Andrew Eristoff said.

Christie’s proposed $820 million cut in public-school aid is part of the agreement, as well as his proposals to reduce funding for municipalities by $445 million and to skip the state’s $3 billion payment to its pension funds.

Christie Victory

“I don’t think these are moves that Democrats would have liked to make,” said Brigid Harrison, a political scientist at Montclair State University. “Christie can walk out of this claiming credit. He got what he wanted.”

Harrison said she had expected negotiations to break down and the state government to be shut, as happened in 2006, when Governor Jon Corzine’s fellow Democrats refused to accept a $1.1 billion sales-tax increase. She said it remains to be seen whether Democrats’ decision to cede power in the budget process to Christie will hurt them in the next elections.

The agreement differs little from Christie’s March budget address, Assemblyman Joseph Malone of Bordentown, the ranking Republican on the budget committee, said in an interview. Richard Bagger, Christie’s chief of staff, said the $74 million in funding shifts account for 0.2 percent of the total budget.

“Most importantly, this budget will be signed on time and all the rumors of a shutdown will remain just that,” Senate President Stephen Sweeney, Democrat of West Deptford, said in a statement issued with Assembly Speaker Sheila Oliver, Democrat of East Orange.

Millionaire Tax, Cap

Christie, 47, the state’s first Republican governor since 1997, was elected amid voter anger over property-tax bills that climbed 72 percent to an average $7,281 in 2009, from $4,239 in 1999, according to state data. Christie said he wouldn’t raise taxes to balance the budget.

The spending agreement was announced hours after Democrats in the Legislature unsuccessfully sought to override Christie’s May 20 veto of a tax increase on incomes above $1 million. Democrats had hoped to raise $637 million to restore some cuts to senior programs, including property-tax rebates.

Republicans yesterday also failed to advance debate on Christie’s proposed constitutional amendment capping annual growth of New Jersey’s highest-in-the-U.S. property tax bills at 2.5 percent. Sweeney has announced a competing proposal to cap increases at 2.9 percent.

“Cooler heads prevailed and we’re going to get this budget passed and move on,” Malone, the Bordentown Republican, told reporters in Trenton yesterday. He said he plans to sponsor budget legislation putting the spending plan into final form in his chamber.

[501]

$10 billion dollar deficit will be reversed? After all these cuts; $74 million in welfare, mental health, elderly care, an $820 million dollar cut in public school aid and finally $445 million reduced funding from municipalities; NJ still only comes up with $300 million surplus? What a joke!

Why are Americans afraid to raise taxes?

[Poe]

$10 billion dollar deficit will be reversed? After all these cuts; $74 million in welfare, mental health, elderly care, an $820 million dollar cut in public school aid and finally $445 million reduced funding from municipalities; NJ still only comes up with $300 million surplus? What a joke!

Why are Americans afraid to raise taxes?

Because Democrats across America haven't been smart about it.  They keep expecting elected Republicans and the American population to behave responsibly.  They need to can that pipe dream.  *Is that a mixed metaphor?  Pipe tobacco does come in a can.  But I digress.*

They need to start naming legislation that raises taxes things like 'The Fair Tax Reduction Act' or 'The Family Values Protection Incentive.'  Come on, Democrats, let's be a little more creative.  Let's put a tax on restaurant food on Sundays and call it 'The Get To Church On Sunday Initiative.'  Or maybe increase tax on gold investments and call it 'The Glenn Beck Is A Genius Act.'

[Rick]

Because Democrats across America haven't been smart about it.  They keep expecting elected Republicans and the American population to behave responsibly.  They need to can that pipe dream.  *Is that a mixed metaphor?  Pipe tobacco does come in a can.  But I digress.*

They need to start naming legislation that raises taxes things like 'The Fair Tax Reduction Act' or 'The Family Values Protection Incentive.'  Come on, Democrats, let's be a little more creative.  Let's put a tax on restaurant food on Sundays and call it 'The Get To Church On Sunday Initiative.'  Or maybe increase tax on gold investments and call it 'The Glenn Beck Is A Genius Act.'

I think all church property other than the church proper, should be taxed.  Why are parking garages, vacation homes, rec areas, etc. not taxed?

[RIVERS]

[Why are Americans afraid to raise taxes?]

$10 billion dollar deficit will be reversed? After all these cuts; $74 million in welfare, mental health, elderly care, an $820 million dollar cut in public school aid and finally $445 million reduced funding from municipalities; NJ still only comes up with $300 million surplus? What a joke!

Why are Americans afraid to raise taxes?

Because Politicians lack the spine to propose tax-increases....and even if they did do that?, they would spend those moneys too.

[RIVERS]

[$29.4 billion budget that closes a record $10.7 billion deficit]

Christie, N.J. Lawmakers Reach $29.4 Billion Budget Accord
June 22, 2010, 6:31 AM EDT
 

June 22 (Bloomberg) -- New Jersey lawmakers settled with Governor Chris Christie on a $29.4 billion budget that closes a record $10.7 billion deficit without a tax increase.

“This has been an arduous process that has required many difficult decisions,” Christie, a Republican who took office in January, said yesterday in a statement. “This budget stays true to the principles I originally outlined, keeping spending within our means and restoring fiscal order without raising taxes.”

Democrats, who control both houses of the Legislature, disagree with some of Christie’s $10 billion in spending cuts and said they would leave it to Republicans to sponsor and spearhead the final plan’s passage for the fiscal year that starts July 1.

The agreement maintains a $300 million surplus and reverses $74 million in reductions Christie proposed for areas including welfare, mental health and home nursing care for the elderly. It offsets the higher spending through cuts to two-dozen programs. It also abandons Christie’s proposal to raise $65 million through ending the prohibition on Sunday retail sales in Bergen County, Treasurer Andrew Eristoff said.

Christie’s proposed $820 million cut in public-school aid is part of the agreement, as well as his proposals to reduce funding for municipalities by $445 million and to skip the state’s $3 billion payment to its pension funds.

Christie Victory

“I don’t think these are moves that Democrats would have liked to make,” said Brigid Harrison, a political scientist at Montclair State University. “Christie can walk out of this claiming credit. He got what he wanted.”

Harrison said she had expected negotiations to break down and the state government to be shut, as happened in 2006, when Governor Jon Corzine’s fellow Democrats refused to accept a $1.1 billion sales-tax increase. She said it remains to be seen whether Democrats’ decision to cede power in the budget process to Christie will hurt them in the next elections.

The agreement differs little from Christie’s March budget address, Assemblyman Joseph Malone of Bordentown, the ranking Republican on the budget committee, said in an interview. Richard Bagger, Christie’s chief of staff, said the $74 million in funding shifts account for 0.2 percent of the total budget.

“Most importantly, this budget will be signed on time and all the rumors of a shutdown will remain just that,” Senate President Stephen Sweeney, Democrat of West Deptford, said in a statement issued with Assembly Speaker Sheila Oliver, Democrat of East Orange.

Millionaire Tax, Cap

Christie, 47, the state’s first Republican governor since 1997, was elected amid voter anger over property-tax bills that climbed 72 percent to an average $7,281 in 2009, from $4,239 in 1999, according to state data. Christie said he wouldn’t raise taxes to balance the budget.

The spending agreement was announced hours after Democrats in the Legislature unsuccessfully sought to override Christie’s May 20 veto of a tax increase on incomes above $1 million. Democrats had hoped to raise $637 million to restore some cuts to senior programs, including property-tax rebates.

Republicans yesterday also failed to advance debate on Christie’s proposed constitutional amendment capping annual growth of New Jersey’s highest-in-the-U.S. property tax bills at 2.5 percent. Sweeney has announced a competing proposal to cap increases at 2.9 percent.

“Cooler heads prevailed and we’re going to get this budget passed and move on,” Malone, the Bordentown Republican, told reporters in Trenton yesterday. He said he plans to sponsor budget legislation putting the spending plan into final form in his chamber.

Two things JUMP off the page...One is that they have a $10 Billion Dollar Deficit on a $30 Billion Dollar Budget.

THAT IS A 33% NEGATIVE CASH FLOW.

The second and more important is that they intend to 'save' $3 Billion of the deficit by "skipping" thier pension payment. Thier Pension is one of the worst run in the Country as it is!...It assumes an 8.5% growth and is already WAYYYY underfunded.


NOT SMART

http://www.evercorewealthmanagement.com/pdf/Coping%20with%20Unfunded%20Pension%20Liabilities.pdf

[RIVERS]

Also note that when any Government agency make changes; such as 'skipping' payments or 'reducing payment flow'?...A "deal" has been struck that will allow early retirement, 'buy-back' of years served or other such BULLSHIT that will end-up costing the (in this case State) even more.

It's robbing the future to balance the present. It is swill, and all pushed forward by the Pension Board Trustees...who are they?---It's the same people currently running the State and deciding budget!!!!!

THIS IS SO BOGUS IT'S PATHETIC!!!!...the inmates are running the asylum AND setting them selves-up for the future.

I'm unbelievably frustrated.

[Poe]

I think all church property other than the church proper, should be taxed.  Why are parking garages, vacation homes, rec areas, etc. not taxed?

Careful Rick, you're treading in dangerous waters there.  You're risking the wrath of both God AND Sean Hannity.

[RIVERS]

Careful Rick, you're treading in dangerous waters there.  You're risking the wrath of both God AND Sean Hannity.

Your trivializing a problem that I have been trying to expose.

That's fine...enjoy your future.

(Do some homework)

[Rick]

Careful Rick, you're treading in dangerous waters there.  You're risking the wrath of both God AND Sean Hannity.

A drunk man who smelled like beer sat down on a subway next to a priest.
 
 
The man's tie was stained, his face was plastered with red lipstick, and a half-empty bottle of gin was sticking out of his torn coat pocket.
 
 
He opened his newspaper and began reading.  After a few minutes the man turned to the priest and asked.........
 
 
"Say Father,       what causes arthritis?"


The priest replies,    "My Son ".......
 
It's caused by loose living,   being with cheap,  wicked women,   too much alcohol,   contempt for your fellow man,   sleeping around,
 
 with prostitutes,   and lack of a bath.
 
 
The drunk muttered in response........ "Well, I'll be damned,"     Then returned to his paper.


The priest,    thinking about what he had said,   nudged the man and apologized.
 
 
 I'm very sorry,     I didn't mean to come on so strong.
 
 
How long have you had arthritis ?
 
 
The drunk answered ......  " I don't have it,   Father. "
 
 
I was just reading here that the   Pope does. 

[501]

A drunk man who smelled like beer sat down on a subway next to a priest.
 
 
The man's tie was stained, his face was plastered with red lipstick, and a half-empty bottle of gin was sticking out of his torn coat pocket.
 
 
He opened his newspaper and began reading.  After a few minutes the man turned to the priest and asked.........
 
 
"Say Father,       what causes arthritis?"


The priest replies,    "My Son ".......
 
It's caused by loose living,   being with cheap,  wicked women,   too much alcohol,   contempt for your fellow man,   sleeping around,
 
 with prostitutes,   and lack of a bath.
 
 
The drunk muttered in response........ "Well, I'll be damned,"     Then returned to his paper.


The priest,    thinking about what he had said,   nudged the man and apologized.
 
 
 I'm very sorry,     I didn't mean to come on so strong.
 
 
How long have you had arthritis ?
 
 
The drunk answered ......  " I don't have it,   Father. "
 
 
I was just reading here that the   Pope does. 

 

[RIVERS]

Laugh all you like boys and girls...I'm serious.

I find Chris Christie a breath of fresh air and need more men like this across the country. Its long over due to start getting rid of all these entitlements and let the people who work hard for their money to keep it. As bad as things have gotten in New Jersy its going to take time to get that state back in order.

I just love how he puts these ignorant teachers in their place.
http://www.youtube.com/watch?v=PkuTm-ON904