NJ Democrat Pols: Borrow more before Christie gets here!

Posted on 08 December 2009

Didn’t we just listen to the Governor of New Jersey progress through a re-election campaign and claim that he was the fiscally responsible one after many years of irresponsible government? Of course, his rap was much less believable when he last responded to a Schools Construction Corporation (the NJ government agency that manages public school construction money) corruption scandal by borrowing $4.1 billion for the entity. New Jersey Democrats have long been hypocritical on borrowing-decrying Republican Christie Whitman while engorging themselves in debt once they moved into power. And now this:

Dec. 8 (Bloomberg) — New Jersey, the third-most indebted U.S. state, will sell more than $200 million in bonds today to finance voter-approved capital projects a week after Governor- elect Christopher Christie said he opposed borrowing more money.

The state will issue $209.1 million of bonds, including $205 million of tax-exempt securities, the largest such competitively bid offering in the market today, according to Bloomberg data. Christie, a Republican who defeated Democratic incumbent Jon Corzine last month, said he opposed new bond sales after the state last week detailed $2.7 billion in borrowing it plans for the remainder of the fiscal year, which ends in June.

It appears that the last acts of the Corzine administration will be apply the maximum amount of long term financial damage to the citizens of New Jersey before they leave office.

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Category: 2.7 billion, Corzine, Democrats, borrowing, budget deficit, debt

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