GREENWALD CALLS ASSEMBLY BUDGET COMMITTEE HEARING ON PROJECTED $10.5 BILLION DEFICIT FOR NEXT FISCAL YEAR

Assembly Budget Chairman Lou Greenwald on Tuesday announced he has called an Aug. 5 hearing into 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.

“This is obviously a big concern that needs to be addressed,” said 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.”

Greenwald said he expects to hear from OLS officials on Aug. 5, and then hear from administration officials at a subsequent hearing.