Assemblyman Questions Treasurer over Christie Admin's Approach to Closing Budget Gap
Assemblyman Troy Singleton on Wednesday questioned the Christie administration's approach to resolving the looming $800 million budget gap when the State Treasurer came before the Assembly Budget Committee.
"What troubles me a great deal is the sort of passionate defense the administration has exhibited time and time again when it comes to protecting a certain segment of our population - our wealthiest - unlike when it came to slashing the Earned Income Tax Credit for the working poor or healthcare for low-income women.
"The only ones who keep living up to their obligations in this debate on funding our state's pension system are the hardworking public employees who are once again seeing the governor renege on his promises.
"Yesterday, the governor pledged not to dig the hole any deeper when in fact that's exactly what he's doing by increasing our unfunded pension liability.
"This is all the more troubling considering the administration has not sought legal counsel as to whether this pension maneuvering is in fact permissible under existing laws. If for some reason it's found to be an unconstitutional move, has treasury developed contingency plans to fill the $800 million budget gap? If not, this is a pretty big gamble to take," said Singleton (D-Burlington).