N.J. Debt Climbs To $33.9B, Third Highest In Nation

debtA new report paints a bleak picture of state debt. The annual debt report, approved today by a legislative commission on budgeting and planning, shows that state debt has reached $33.9 billion, the third highest in the nation. Last year, the debt was $31.9 billion. Gov.-elect Chris Christie called the state’s fiscal situation “awful” when asked about indebtedness this week. He assumes office in January with a budget deficit projected at $8 billion for the fiscal year that starts July 1. Two Republicans on the commission, Sen. Steve Oroho (R-Sussex) and Assemblyman David Wolfe (R-Ocean), did not approve the report. They say it underestimates pension fund and health care obligations and omits $2 billion in unemployment funds owed to the federal government.

A report earlier this week said that state debt would be $51 billion with pension and health care obligations included. AP

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5 COMMENTS

  1. I guess you can kiss your smart growth goodbye. It would end up costing the state and its not happening now. Just watch it get shot down in flames in trenton.

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