ASSEMBLY BUDGET COMMITTEE TO HEAR THURSDAY TESTIMONY ON PROJECTED $10.5 BILLION DEFICIT FOR NEXT FISCAL YEAR

(TRENTON) — The Assembly Budget Committee will meet Thursday to hear testimony on the projected $10.5 billion budget deficit for next fiscal year.
The nonpartisan Office of Legislative Service estimates a $10.5 billion deficit for the fiscal year that starts July 1, 2011.

The hearing is scheduled for 10 a.m. in Committee Room 11in the State House Annex in Trenton.

“This is obviously a big concern that needs to be addressed,” said Assembly Budget Chairman Lou Greenwald (D-Camden). “We cannot continue to rely on moves such as failing to make pension payments and slashing property tax relief. Real change and plans to stimulate our economy, create jobs and put people back to work are what’s needed. We cannot continue to do the same the old things.”

David J. Rosen, the Legislative Budget and Finance Officer, is expected to respond to questions from the committee on the OLS estimate of the structural deficit for next fiscal year.

The hearing can be heard live here.