In N.J., huge gap between revenue and budget projections
New Jersey state revenue is expected to miss the Christie adminstration’s estimates by a lot.
Legislative budget officer David Rosen says revenues will be $937 million less than the administration projected through June of next year.
State Treasurer Andrew Eristoff is lowering projections by $165 million.
Governor Christie says Rosen has it wrong. “Dr. Rosen’s projections of $900 million are either the results of him not knowing what he’s doing or they’re pure politics. One or the other, and either one won’t affect the people of New Jersey because I won’t let it.”
Christie says energy tax revenue is less than expected because Superstorm Sandy knocked out power for days and because natural gas prices are low.
Rosen says delays in the start of online gambling will result in less revenue than anticipated.
If Rosen’s projections are accurate, significant changes would be needed in the budget plan.
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