Sandy Aid Hit Would Undermine NJ Governor's Budget
By ANGELA DELLI SANTI
TRENTON, N.J. (AP) â¿¿ The budget New Jersey Gov. Chris Christie will present on Tuesday could be thrown into turmoil by the end of the week â¿¿ to the peril of the state's property holders â¿¿ if President Barack Obama and Congress fail to strike a deal on looming federal budget cuts.
The cuts set to go into effect Friday would immediately reduce the size of the $60 billion Superstorm Sandy relief package for New Jersey, New York and Connecticut, and would cut funding for preschool education, special education and transportation, among other programs and services.
"In my calculations, this would set our state back at least several billion dollars when you take into account everything," said Rep. Bill Pascrell, a Democrat who was in Moonachie on Monday to discuss how the federal budget cuts could affect cities and towns up and down the New Jersey coast that are struggling to rebuild after the worst natural disaster in state history.Pascrell said the jolt would be felt immediately in New Jersey, where the first $1.8 billion in Sandy relief money, which is due in April, would be reduced by $100 million; the state could see $3 billion less overall. Christie's budget counts on Sandy funding to stimulate the state's still-sluggish economy and help municipalities along the coast whose revenue base was upended by the late October storm. The Republican governor has told residents of hard-hit towns whose homes survived the storm to expect to pay higher property taxes. Budget Officer Declan O'Scanlon, who represents some of the shore towns, said a portion of the Sandy aid was earmarked to cushion the blow. "Regarding Sandy and property taxes, the way we're going to hopefully resolve that is with federal money," O'Scanlon said. "That's been done before in other jurisdictions where they've had massive storms like this."
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV