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

Sandy Aid Hit Would Undermine NJ Governor's Budget


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."

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community


Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs