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Bad Credit Credit Creditres Critics of Gov. James E. McGreevey's plan to borrow $900 million to fund transportation projects say it may be smooth politics but it's an economic pothole.

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Bad Consolidation Credit Debt McGreevey has proposed the bond deal as a detour around the gas-tax increase recommended by a commission he appointed last year. Though the plan doesn't require voter or legislative approval, it has run into political congestion, with Republicans and Democrats, road contractors and union officials hitting their horns.

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Bad Company Credit Repair Since taking office, McGreevey has increased the state debt by 44 percent while condemning the borrowing of his GOP predecessors.

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Bad Card Credit Credit Sen. Peter Inverso, R-Hamilton, said it's hypocrisy compounded by "bad fiscal management."

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Bad Car Credit Loan "The state is in a bind. That's a time for a governor to step up and show some leadership," he said. "Instead we are getting a shortsighted scheme and (McGreevey) looks hypocritical."

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Bad Credit Loan Mortgage The commission proposed a 15-cent-per-gallon gas tax increase. It said that beginning in July 2005, all gas tax revenues should go toward paying off debt service. The tax is now 10.5 cents, the nation's fourth lowest.

Auto Bad Credit Loan The $900 million in bonds would fund transportation projects for a year, after which transportation money will run dry.

Bad Credit Mortgage Refinance Unions and contractors, two politically potent groups, initially ridiculed the stopgap move. They have since tempered their criticism after getting private assurances McGreevey will push for a gas tax increase if he is re-elected in 2005.

Bad Credit Refinance Three cents of any gas tax boost would be diverted to paying off the bonds and repayment wouldn't begin until McGreevey's second term.

Bad Credit Mortgage Second "You think the public doesn't want the tax hike now, wait two years when (the administration) tries to boost the tax 10 cents with only 70 percent going for roads," said one opponent of the plan.

Bad Credit Loan Student McGreevey's proposal will use future federal dollars as collateral for the bonds, though general tax revenues will pay off the bonds if the gas tax is not raised in 2006.

Bad Card Credit The panel said the need to raise the gas tax largely stems from state leaders using borrowed money to pay salaries and other expenses, a practice begun in the 1990s.

Bad Credit Financing Transportation experts worry that the deal may be repeated and soon all state and federal dollars will be needed to pay off bonds.

Bad Credit Home Loan Mortgage "That would be terrible, a very adverse situation," said Rutgers University professor Martin Robins, a member of the panel that recommended the gas tax increase. "But right now a worse alternative is to do nothing. That would lead to a calamity with no money for projects next year."

Bad Credit Loan People That position is shared by business and labor leaders.

Bad Card Credit Credit People Sen. Joseph Kyrillos, R-Red Bank, said after proposing the transportation bonds McGreevey will "never again be able to talk about the alleged sins of his predecessors."

Bad Credit Guaranteed Loan McGreevey devoted much of his first two years blaming the state's financial problems on the borrowing and spending of former Gov. Christie Whitman, saying there "was a failure of courage, a failure of discipline, a failure of leadership."

Bad Credit Refinancing But McGreevey has relied on borrowing to solve a series of budget gaps.

Bad Credit Equity Home Loan The state now owes $24.26 billion, according to figures from the state Treasurer's Office and an analysis by The Times. The state owed $16.8 billion in July 2002 when the budget that McGreevey inherited expired. None of the $7.4 billion borrowed since was approved by voters.

Bad Credit Loan Payday The Legislature has authorized another $8 billion to be borrowed without voter approval.

Bad Credit Repair Treasury spokesman Tom Vincz pointed out that $2.1 billion of the $4 billion that has been borrowed during this budget cycle was authorized before McGreevey took office.

Bad Credit Home Loan Uk He said it was unfair to compare the McGreevey administration's borrowing with the Whitman administration's.

2nd Bad Credit Mortgage Vincz defended moves like $3.46 billion borrowed against the state's share of the national tobacco settlement as necessary to plug the state budget gap.

Bad Credit Loan Unsecured The borrowing has allowed the state to continue living beyond its means. This year's budget calls for spending $24 billion but anticipates less than $22 billion in tax collections.

Bad Consolidation Credit Loan "We are trying to be smart about managing this problem, to get through it without raising taxes or cutting essential programs," Vincz said. "But you can't compare now to then.

Bad Credit Home Loan New "The state had a $1.1 billion surplus when (Whitman) did (the $2.8 billion) pension bond."

Bad Business Credit Loan Administration members also complain that payments due on pension bonds are scheduled to jump dramatically in later years. In addition, the deal prohibits the administration from taking advantage of the current low interest rates by refinancing the bonds.

Bad Credit Lender Mortgage The McGreevey administration has refinanced much of the state debt and taken the savings, $100 million, up front, Vincz said.

Bad Credit Home Loan Mobile "Because of the budget deficits," he said. "It meant taxpayers paid less and there was more money for general priorities - more open space (purchased), more new schools (built), more roads and bridges (repaired or built)."

Bad Cash Credit Loan Roland Machold, who was treasurer for part of Whitman's term, said taking all the savings up front is a desperate tactic.

Bad Credit Loan Private "You really are scraping the bottom of the barrel when you start doing that," he said. "But it's understandable given the situation. I can preach from the pulpit, the state was running surpluses while I was there."

Bad Card Credit Debt By Michael Jennings
Trenton Times - 2/16/2004

Topic: Transportation

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