Corzine willing to lose re-election to fix N.J.’s financial woes

15 11 2007


ATLANTIC CITY — New Jersey Gov. Jon S. Corzine on Thursday said he’s willing to risk losing re-election by increasing highway tolls to try to resolve state fiscal woes.

The governor didn’t detail how much he wants tolls to increase, but said he plans to present a formal plan in January as part of his State of the State address.

Speaking at a League of Municipalities convention, Corzine, as he has throughout the year, detailed fiscal woes he claims bar the state from investing in key needs.

“We will get one chance at a serious financial restructuring and it has to be done right,” Corzine said. “But you can take this to the bank — I will be bold in the name of progress.”

The Democratic Corzine is up for re-election in 2009, but said, “Make no mistake. I am willing to risk losing my job if that’s necessary to set our fiscal house in order and get New Jersey out from the debt burden constraining our future.”

Corzine has discussed finding ways to make more money off state properties such as toll roads.

On Thursday, Corzine also said he wants to establish new limits on state borrowing. The state constitution bars the state from borrowing money without voter approval, but courts have allowed independent state agencies to borrow without voter consent.

Corzine didn’t detail the new limits, but said they were key.

“I don’t want to clean the manure out of the barn, only to have someone else fill it back up,” Corzine said.




One response

15 12 2007
Nj Election

[…] Corzine willing to lose re-election to fix NJ’s financial woes […]

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