New Jersey revenue may miss Governor Chris Christie’s targets by as much as $937 million over the next 13 months as collections from online gambling and energy taxes fall short, the legislature’s chief fiscal analyst said.
New Jersey Governor Chris Christie needs revenue to rise 8.2 percent to balance his fiscal 2013 budget to make up for a tax shortfall in the year ended June 30, the legislature’s chief budget officer said.
New Jersey Governor Chris Christie, who pledged to reduce state bonding, hasn’t been able to keep a vow to curb borrowing for roads and bridges. Investors in the $3.7 trillion municipal market welcome the extra debt.
New Jersey’s revenue collections may trail Governor Chris Christie’s estimates by a combined $537 million this fiscal year and next as taxes on income and casinos fall short, the Legislature’s chief budget analyst said.
New Jersey’s revenue may fall below Governor Chris Christie’s projections by as much as $1.3 billion through June 2013, the Legislature’s chief budget analyst said, prompting the state's chief executive to ask, “Why would anyone with a functioning brain believe this guy?"
Governor Chris Christie delivers the final budget of his first term today as automatic federal spending cuts loom and investors demand a 40 percent higher penalty on New Jersey issuers since the Republican took office.