NJ Governor Outlines Economic Stimulus Plan

Saying the nation and New Jersey are facing the worst economic crisis since the Great Depression, Governor Jon Corzine has presented an economic stimulus plan to a joint session of the legislature. Corzine called for putting $500 million of state funds into community banks to boost their liquidity and make more money available to local businesses. He also called for a program to create jobs.

CORZINE: If a small businesss creates a job we’ll send that business a $3,000 check.

To address the housing crisis, Governor Corzine wants to make $150 million in state and federal funding available to prevent foreclosures, including financial counseling, mortgage restructuring, along with house and mortgage acquisitions