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News
NJ Pols Suggest Changes to Gov's Budget Plan
by Bob Hennelly
NEW YORK, NY January 25, 2008 —While New Jersey Governor Jon Corzine is in Europe, top democratic legislative leaders are suggesting major changes to his plan to cut state debt with hefty toll hikes.
Acting governor and Senate President Richard Codey says any toll hike has to include a major discount for frequent toll road users like commuters. Under Corzine's plan, the tolls, the parkway turnpike and the Atlantic City Expressway would go up by 50% starting in 2010, and then every four years until 2022.
That series of automatic hikes would result in the average turnpike ride that now costs under $2 to spike to $10 by 2022. Corzine's controversial plan would create a public benefit corporation to run the roads and sell revenue bonds backed by the tolls that could help pay down at least half of the state's $30 billion debt and fund long-neglected infrastructure. The governor's plan needs legislative approval.
In New Jersey for WNYC, I'm Bob Hennelly.