Codey Statement On State Of State Address

TRENTON – Senate President Richard J. Codey (D-Essex) today issued the following statement on Governor Jon Corzine’s 2008 State of the State Address:

“I think the Governor did a great job of spelling out the state’s dire financial situation. Like he said, for years other governors have warned of looming financial trauma. Today, we’re in the emergency room.

“The answer to many of our fiscal problems may very well lie in the Governor’s plan that was unveiled today. But before we move forward, we intend to do an exhaustive inspection – kicking the tires, checking under the hood, looking around to make sure that this is in fact the best buy for the State of New Jersey.

“The governor’s proposal appears to be both a creative and better alternative than simply selling or leasing our toll roads. The idea of a public benefit corporation is very significant, particularly if it can provide tax exempt bonds to increase overall revenue from this transaction.

“Without question, this will be a hard sell. No one wants to increase toll roads, but right now I don’t think we have a more viable alternative. Like any tough medicine, hopefully this will lead to better health, financially speaking.

“I’ve heard a lot of rhetoric in recent years, but I have yet to see a better plan to reduce the state’s debt by fifty percent. If someone believes they have a better idea, by all means come forward.”