Just three weeks removed from a momentous clash of fiscal philosophy during this year’s budget season, Assembly Budget Committee Chairman Lou Greenwald has called a meeting to discuss next year’s spending plan.
Greenald called the committee into session on August 5 to discuss a reported $10.5 billion hole in the fiscal 2012 budget. The $10.5 billion shortfall was reported by the Office of Legislative Services.
“This is obviously a big concern that needs to be addressed,” said Greenwald (D-Camden). “We cannot continue to rely on moves such as failing to make pension payments and slashing property tax relief. Real change and plans to stimulate our economy, create jobs and put people back to work are what’s needed. We cannot continue to do the same the old things.”
The deficit, reported by The Star Ledger early Tuesday is roughly the same size as the hole Christie was faced with in his first budget season. The governor was able to close the gap without raising income taxes, but did so by drastically reducing aid to states and schools and foregoing payments on the state pension plan.