Chamber Backs Toll Hikes

Gov. Jon Corzine last week received additional support for his debt restructuring plan, with the New Jersey Chamber of Commerce announcing its endorsement of toll hikes to back a potential $37.6 billion borrowing along with financing reforms.

In particular, the NJCC supports Corzine’s plans to freeze spending in fiscal 2009 to current levels and limit spending in future budgets to match but not exceed growth in recurring revenues.

“Already a strong plan with new thinking, the chamber board’s desire is for it to go even further to forcefully address systemic expenditure problems within our state’s fiscal structure that have plagued administration after administration,” NJCC chairman William J. Marino said in a press release. “Constitutionally curtailing state spending, expanding reform efforts within the state’s public benefits system, consolidating government departments, and embracing other expense reductions are all items we would like included in the final work product in order for this effort to be successful.”

The chamber’s endorsement came a day before the release of a Fairleigh Dickinson University poll in which 59% said they do not support raising tolls to help restructure the state’s finances and fund transportation infrastructure. A Monmouth University Polling Institute poll released on Jan. 17 showed similar public sentiment, with 56% of those polled opposing the toll hike plan.

The governor’s debt restructuring plan would boost tolls by as much as 50% and implement new tolls to secure nearly $37.6 billion of debt that New Jersey will use to defease half of its $32 billion of outstanding debt, pay down toll road debt, and help fund capital projects for transportation.

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