A new state report shows New Jersey’s fund for road and bridge work has no more capacity to borrow cash.
The New Jersey Office of Public Finance unveiled its annual debt report Friday showing that the Christie administration issued $626.8 million in bonds in December, depleting the last of the authorized borrowing.
The transportation trust fund and how to keep it afloat has been at the center of more than a year’s worth of wrangling between the Democratic-led Legislature and Republican Gov. Chris Christie. The fund that pays for repairs and improvements is set to run out of money in June.
Democrats have called for raising the gas tax and potentially lowering retirement or estate taxes. Christie says any proposal to hike the 14.5-cent gasoline tax has to be offset with cuts elsewhere.