NEW YORK, NY January 08, 2008 —Governor Corzine will use his State of the State address, later today, to deliver on his pledge to come up with a way to reduce the state's rapidly rising debt. WNYC's Bob Hennelly reports.

REPORTER: Motorists may not be pleased with the plan. Governor Corzine will propose raising tolls on the two busiest roads through a new public benefit corporation.

REPORTER: The entity will try to raise as much as $4O billion by selling bonds secured by the toll hikes. The proceeds will help pay down half of the state's $32 billion debt, the fourth highest in the nation.

REPORTER: It will also fund road and bridge repairs. The new public benefit corporation could also lease air right over other state assets to help raise cash. Corzine will also call for flat lining state spending from this year to the next to close a projected $3 billion budget gap.