Bubble Wrap

New Jersey's budget deficit triples to $1.2B

The Star Ledger reports on the significant reductions in state revenue and the Governor’s new urgency to find savings while keeping the formerly announced stimulus package to aid food banks, heating programs, and business climate reforms.

Corporation business taxes were off by nearly 16 percent from the administration’s projections, and income taxes by 14 percent. The sinking fortunes of banks and the housing industry prompted the financial institutions tax to drop 55 percent, and the realty transfer tax 38 percent, below projections.

Corzine, a former chief executive of Goldman Sachs, said last month was the most volatile he’s ever seen. He cautioned that the budget projections are certain to change again.