Outgoing New Jersey Gov. Jon Corzine asked the Legislature not to pass any measures that would increase spending during the remainder of his term.

Governor-elect Chris Christie will take office in January. Christie defeated Corzine in the Nov. 3 general elections.

Corzine last week reiterated his plan to keep expenditures in line with revenues.

“My administration will continue to live up to our responsibility to maintain a fiscally balanced budget during the next two months,” he said.

On Oct. 19, Corzine said first-quarter fiscal 2010 revenues were $190 million below expectations. He called for $205 million of immediate budget savings and asked his cabinet to provide another $200 million of reductions by Dec. 1.

In a press release last week, the administration said revenue could also underperform in future months: “October revenue collections are coming in below targets and may continue to erode in the months ahead as the national economic recession places pressure on spending for critical safety-net programs like Medicaid.”

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.