NJ Budget, Looking Ahead

Wednesday, December 31, 2008

Governor Corzine says he'll announce hundreds of millions of dollars in spending cuts to close a $1.2 billion gap in this year's budget. WNYC's Bob Hennelly has the details.

REPORTER: Officials say cuts are necessary because for two months running, state tax revenues have fallen a half-billion dollars short of projections. The biggest drop came in the state's business taxes, which were 35 percent below the estimate. Treasury officials are bracing for even worse news when December's tax revenues are posted in the second week of January. And they're expecting dismal sales tax revenue from the holiday shopping season. Also yet to be calculated - the loss of income tax revenue from New Jersey Wall Streeters who will see no bonus. Governor Corzine has decided to wait until March to release his proposed budget for next year to see how much help Trenton gets from the incoming Obama Administration. From New Jersey for WNYC, I'm Bob Hennelly.


More in:

News, weather, Radiolab, Brian Lehrer and more.
Get the best of WNYC in your inbox, every morning.

Leave a Comment

Register for your own account so you can vote on comments, save your favorites, and more. Learn more.
Please stay on topic, be civil, and be brief.
Email addresses are never displayed, but they are required to confirm your comments. Names are displayed with all comments. We reserve the right to edit any comments posted on this site. Please read the Comment Guidelines before posting. By leaving a comment, you agree to New York Public Radio's Privacy Policy and Terms Of Use.


Latest Newscast




WNYC is supported by the Charles H. Revson Foundation: Because a great city needs an informed and engaged public


Supported by