Governor Corzine, top legislative leaders strike budget deal

(07/06/06) TRENTON ? Governor Jon Corzine (D-NJ) and top lawmakers ended their fiscal stalemate Thursday and reached an agreement on a new state budget.

The deal comes on the sixth day of a state government shutdown that closed New Jersey?s state services, parks and casinos. The compromise calls for using half of the $1.1 billion raised through a state sales tax increase to lower property taxes. Officials say all that revenue could be put towards property tax relief in the future.

The state shutdown, put into effect by Corzine on July 1, left more than 80,000 people out of work. Corzine says he expects the government to reopen within the next 24 to 36 hours. Despite the agreement, the governor says the announcement is not a cause for celebration. He says the lives of too many residents were disrupted and there is still much financial work to be done. Both houses must also approve the spending plan.

Related information: Extended footage of Governor Corzine's announcement Senate President Codey comments on the deal Comments from Assembly Speaker Joseph Roberts Jr. Click here to Sound Off! on the NJ government shutdown News 12 New Jersey In-Depth

 

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