Tom Kean Comments on Ballooning Budget Deficit

Corzine?s Lack of Transparency Adds to Crisis

Senate Republican Leader Tom Kean issued the following statement after the non-partisan Office of Legislative Services issued a report that predicts New Jersey?s state revenues will fall $1.2 billion short of projections in the current fiscal year, leaving the state with a deficit of $500 million.

?New Jersey seems headed for the first end-of-year deficit in state history,? Senator Kean said. ?With just eight weeks remaining in fiscal 2009, state revenues are running a gut-wrenching $1.2 billion below Governor Corzine?s projections.

?This budget chaos cannot continue. I again call on the Corzine administration to release daily updates of state revenue projections so that a bipartisan group of legislators can help bring spending under control.

?To date, the governor has failed to address warning signs of a revenue collapse. More than a year ago, I urged the governor to stop spending and begin creating a surplus large enough to carry us through tough times. Instead, in an election year, the governor didn?t take the steps necessary to safe guard the state.?

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