N.J. Takes Out ‘Bridge Loan’ to Cover Expenses, Again

[onehandle]

Source: Philadelphia Magazine

The same day New Jersey’s new $32.1 billion budget went into effect, the state took out a short term bridge loan worth $2.6 billion from J.P. Morgan. Without it, the state wouldn’t have been able to meet its expenses.

This is actually a common occurrence. The loan was $2.6 billion in 2006; in 2011 it was $2.25 billion. The state has been taking out extra money for more than two decades now, but the process of doing it at the start of the fiscal year dates back just to Jon Corzine. “There are climbing imbalances between receipts of funds and disbursement of funds, which has led the state to have a [type of] short term borrowing… since 1991,” Chris Santarelli, a Treasury spokesman, told The Star-Ledger.

The Christie administration already delayed $395 million in property tax rebates and cut a pension payment from $2.25 billion to $681 million in order to make the budget work. The property tax rebates are scheduled to be paid out nine months from now.

"When you’re running out of money, you’ve got to manage your cash carefully, You’ve got to prioritize your bills and decide which ones you absolutely must pay," Christie said in May.

Read more: http://www.phillymag.com/news/2014/07/15/chris-christie-new-jersey-bridge-loan

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Criminal Governor turns to loan sharks to cover his sizable ass.

Traffic cones. Traffic cones. Traffic cones.

[geek tragedy]

1. "Bridge loan" hee hee nt

[Roland99]

3. ha!

[The Wizard]

2. The Trenton Fop (NT)

[davidpdx]

4. There's a big difference between $2.5 million and $32

That's because he's pissed the state into a large deficit.

[jmowreader]

6. Billion, David, not million

[davidpdx]

7. Yeah I knew that

The brain and the fingers didn't line up well on that one.

[PM Martin]

5. Between the bridge closure and this, it is no wonder so many Republicans want him

to be their candidate in 2016.

[PeoViejo]

8. NJ takes out Payday Loan is more like it.

The Loan Sharks of Wall St.

[Ikonoklast]

9. Just as Brownback has done in Kansas, Christie has done to New Jersey.

Ever wonder why jobs and growth are either stagnant or declining in either state, lagging the rest of the nation?

Republican asshole governors who gave away the state treasury to corporations and have no more money to give them, then stick it to the taxpayers.

[Orsino]

10. Setting us up for more pension thefts to come. n/t

[Laxman]

11. You've Got It....

breaking the Public Employee's Union is a litmus test for a Republican presidential candidate. In a state like NJ, its going to take a severe financial crisis to accomplish that. He's doing his damnedest to bring that crisis about. All the while talking "fiscal responsibility" There's a reason NJ's job recovery is lagging behind the rest of the nation. This, in what has traditionally been one of the strongest states in the nation from a financial standpoint. How he gets a pass on this, I don't understand.