This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

New Jersey Legislative Panels OK $30.6B Budget

TRENTON, N.J. -- A $30.6 billion proposed state budget -- championed by Democrats as responsible but opposed by Republicans who called it reckless -- advanced in both houses of the New Jersey Legislature Monday, with final votes set for Wednesday.

Separately, both houses forwarded a two-year surcharge on millionaires for votes before the full chamber. Republican Gov. Chris Christie has said he would veto the tax.

Democrats who control the Legislature decided last week to reject the budget Christie proposed and draft their own version. The Democrats' budget provides a more generous aid package to public schools, provides $50 million in grants to towns and cities experiencing crime spikes and restores funds to nursing homes and women's clinics.

It is about $1 billion higher than the budget Christie proposed and relies on revenue forecasts that the governor says are too optimistic. That's significant because spending must match revenues in the state budget.

Christie spokesman Michael Drewniak called it "the same old tax and spend policies of New Jersey Democrats."

"This is not the fifth year of the (former Gov.) Jon Corzine administration," he said. "It is the second year of the Christie administration, where disciplined fiscal policies and lower taxes will continue our state on the road to recovery. With this proposal, the Democrats want to drive that recovery head-on into a stone wall."

The bill moved through budget committees of the Senate and Assembly the day it was introduced -- three days before the current budget expires. Republicans, who discussed the bill with summary sheets and staffers' notes, complained they were being asked to vote on an appropriations plan they hadn't seen. No Republican supported the Democrats' budget. The bill passed 8-5 in the Senate budget committee and 8-4 in the Assembly.

Democrats who control both chambers advanced a separate income tax surcharge on the state's wealthiest residents, an estimated 16,000 filers who earn more than $1 million each. Assembly and Senate budget panels approved the measure along party lines.

Estimates vary on how much revenue the tax would generate, but Democrats want to use $500 million of the windfall to buttress state aid to suburban school districts.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.99 0.00%
FB $102.01 0.00%
GOOG $682.40 0.00%
TSLA $151.04 0.00%
YHOO $27.04 0.00%


Chart of I:DJI
DOW 15,973.84 +313.66 2.00%
S&P 500 1,864.78 +35.70 1.95%
NASDAQ 4,337.5120 +70.6750 1.66%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs