N.J.’s growth slow to come

The credit rating company Moody’s says New Jersey’s economic growth will lag behind the rest of the nation through 2014.

 

Governor Chris Christie has been talking about a state comeback, but Assembly Budget Committee Chairman Vinnie Prieto says lower than estimated state revenue makes it more like a setback.”It looks like for the next 14 months it’s not really going to be as good as the governor and the administration have projected at 7.3 percent growth which actually is a problem,” he said.The state treasurer will give lawmakers an updated budget analysis later this week.The current budget gap is about $350 million. Prieto says he wants to hear the administration’s plan for dealing with the revenue shortfall. He’s hoping ways can be found to cut spending without affecting the services residents need.

 

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