The Assembly Budget committee convened yesterday and heard testimony from David Rosen, the Legislative Budget and Finance Officer with OLS who tried to clarify where the state stands as we move forward:
Through the end of the year, the state is looking at a $2 billion deficit from revenue and spending - though April's income tax collections could swing the results wildly in either direction, said David Rosen, the budget and finance officer for the Office of Legislative Services, which works for the governor and Legislature.
David Rosen, center, Legislative Budget & Finance Officer for the Office of Legislative Services, addresses the Budget Committee about the current financial situation in New Jersey today.
Still, Rosen said that while he has not seen exact figures, Christie's estimate of a $1.3 billion revenue shortfall on the $29 billion budget is possible, as is a potential need for more than $668 million in extra spending.
"It's not an unreasonable number to have on the table for an estimate," Rosen said at an Assembly Budget Committee hearing when asked about Christie's figures
This has been a constant back and forth for the last week between Corzine and Christie an apparently they're still not willing to agree because Corzine took Rosen's testimony as validating what he had said:
"Today, OLS confirmed what we already knew: no one will really be able to predict revenue for the remainder of the year until April's income tax returns come in. That is why OLS has not issued its own projections," he said. "To suggest that Dr. Rosen independently confirmed Gov. Christie's revenue projections is a clear misreading of his testimony. Dr. Rosen drew a clear distinction between the operating budget, which is in surplus, and long-term projections, which remain a matter of pure conjecture. We all want to give the administration time to get on its feet. But it's important that they stop misrepresenting the current balance sheet, which is very much in the black because of Jon Corzine's record of fiscal responsibility.
So it looks more like the Corzine camp is more concerned with what they actually say about the former Governor. Here is some video with comments from Legislators on the committee:No matter what they all say, it's not a pretty picture and there are going to be plenty of difficult decisions that lie ahead.
