TRENTON — New Jersey Gov. Jon Corzine yesterday delivered his last state of the state speech, highlighting his accomplishments during the past four years and acknowledging his failure to cut away at the state’s more than $33.87 billion of outstanding debt.

Calling it “the elephant in the room,” Corzine spoke of his unsuccessful push to increase tolls on New Jersey’s roadways to generate new money that would have decreased the state’s outstanding bond debt, its $23 billion pension obligation, and its $55.9 billion other post-employment benefits liability.

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