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Christie Blames Economists for Revenue Estimates

New Jersey has an $807 million shortfall in the current fiscal year’s budget and it has to be made up by Gov. Chris Christie and the legislature by June 30. The governor was in Washington Wednesday speaking at the Peter G. Peterson Foundation 2014 Fiscal Summit and when asked by a moderator why revenue collections were so over-estimated, Christie jokingly blamed economists.

(Win McNamee, Getty Images News)
Gov. Chris Christie speaks at the Peter G. Peterson Foundation’s fifth annual fiscal summit on ‘Our Economic Future’ on May 14, 2014 in Washington, D.C.

“They just look at me and go, ‘Well, governor I’m sorry we missed it,’” Christie said. “Well I’m sure you are, but I’m the one who is going to have to fix your mess.”

The governor said part of the reason for the shortfall is the economists underestimated how much high-income taxpayers would accelerate capital gains, bonuses income and other things to avoid new federal tax increases that took effect in 2013.

The budget will be balanced by June 30, Christie said, because the state constitution requires that. He said he will produce his plans next week.

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