State Revenues Running Almost $100 Million Short of Christie Projections
Democrats: governor will have to worry about budget cuts, not tax cuts.
One day after Standard & Poor’s lowered New Jersey’s fiscal outlook from stable to negative, the Christie administration confirmed the bad news. The latest revenue figures show that state tax revenues are running $99.873 million -- or 4.9 percent -- below the governor’s projections for the first two months of the fiscal year. While Governor Chris Christie is banking on a 7.2 percent increase in state revenues to fund a midyear tax cut heading into his reelection campaign, tax collections in July and August were actually $5.5 million – or 0.3 percent -- lower than for the same two months in 2011. “Unfortunately this is not a surprise considering all the poor economic indicators and warnings by numerous financial experts that the governor’s …
