While analysts say the municipal market could absorb $37.6 billion of potential tax-exempt and taxable bonds that would help New Jersey restructure its current debt, critics of Gov. Jon Corzine’s transportation finance plan question how the new debt would affect the state’s finances over the long term.

To help spearhead the democratic governor’s financial restructuring initiative, Corzine yesterday announced that former U.S. Rep. Bob Franks, a Republican, will serve as chairman of the governor’s campaign to sell within the next year nearly $38 billion of debt backed by future toll hikes.

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