Schaer & Sarlo on Fitch Downgrade

TRENTON – Senator Paul Sarlo, chairman of the Senate Budget and Appropriations Committee, and Assemblyman Gary Schaer, chairman of the Assembly Budget Committee, both D-Bergen/Passaic, issued the following statements on Thursday in response to the downgrade of New Jersey investments by Fitch Ratings:

“This is another bad grade for New Jersey that is a direct result of the governor’s fiscal practices, including the recent disclosure of a budget deficit of more than $800 million for a fiscal year with only two months to go. The ratings agency cited the governor’s overly-optimistic revenue estimates and his repeated use of one-time gimmicks to combat shortfalls as the reason behind the downgrade. It’s time for the governor to take off the rose-colored glasses, stop bragging about fantasy balanced budgets and produce a realistic and responsible spending plan.” Senator Paul Sarlo.

“This is devastating news that reflects poorly on the governor’s fiscal management of this state and his reliance on short-term solutions. This is yet another indication that we must seize this opportunity to work together in a bipartisan fashion to find solutions to New Jersey’s fiscal challenges and solve pressing needs such as transportation, open space and higher education funding. I’m hoping Gov. Christie will recognize the extreme difficulties before us and understand the need to move forward and develop long-term solutions to our problems before we face even more negative ramifications such as this current downgrade.” Assemblyman Gary Schaer.