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Schaer on NJ’s ‘Woeful Fiscal Condition’ under Christie

(TRENTON) – Assembly Budget Chairman Gary Schaer (D-Bergen/Passaic) released the following statement Wednesday after the committee heard a revenue and budget overview from the state treasurer:

“While I appreciate hearing from the treasurer, nothing he said eases concern about the state’s woeful fiscal condition under Gov. Christie. The news got grimmer with the recent 11th credit downgrade, which represents a disturbing record for any New Jersey governor.
“The latest credit report indicated the lowered rating was ‘based on the state’s weak budgetary condition and liquidity position, structural imbalance due to large pension contribution shortfalls, a moderately growing economy, and high debt position, including its growing unfunded pension liability.’ Currently, only Illinois has a lower credit rating. Christie’s tenure has been replete with structural budget problems, significant state debt and a huge unfunded pension, along with an economic recovery that has lagged other states.”