Quote of the Day: "Don't spend the fees yet"

by: Jason Springer

Wed Dec 02, 2009 at 10:03:43 PM EST

"Any projections of future borrowing that is scheduled to happen after Jan. 19, if you're the investment bank on that, don't spend the fees yet," he said. "We're going to re-evaluate everything and make sure that we have folks look at it and tell me whether or not this is something that is absolutely necessary in light of that burgeoning debt problem."

The state expects to borrow $200 million in general obligation bonds this budget year and another $200 million for each of the next two years, according to a report prepared by the state Department of Treasury to be presented to lawmakers tomorrow.

New Jersey is on track to borrow $3 billion for transportation projects through July 2011 and $4.1 billion more to cover public school construction through July 2013, according to the report.