Senate Republican Leader Tom Kean issued the following statement regarding Governor Jon Corzine’s published remarks that he believes the nation is in recession:
\”Six months ago I called on Governor Corzine to follow the lead of New York City and State and impound unspent monies. Now that the governor has acknowledged in the press that he believes we are in a recession, he must take action to safeguard the budget from unforeseen financial shocks.
\”The governor and the State Treasurer should update legislators on revenue and spending projections immediately. If we are in recession, then it’s likely the estimates legislators are using to guide the budget debate are already out of date. Corzine should give an immediate report on any revenue or spending changes since his budget address and commit to providing regular revenue and spending reports to aid the legislature as the budget is crafted in committee.
\”In addition, I am concerned New Jersey is moving too slowly to respond to this economic downturn. Both the City and the State of New York have been preparing for declining revenues for months.
\”I urge the governor to consider an immediate freeze on non-essential spending and delay plans for any new borrowing. Then we must draft a budget that it is as conservative as the times demand. It isn’t too late to prepare for an economic storm. The governor must demonstrate leadership and act, and he must do it now.\”
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