NJ Transportation Borrowing Reaches a Roadblock
Lawmakers are questioning whether Gov. Chris Christie is doing enough to wean New Jersey off its reliance on borrowing to pay for transportation projects.
Revenue coming to the state’s Transportation Trust Fund hasn’t kept up with spending over the years, leading to borrowing and debt payments.
The situation came to a head this fiscal year. The fund was consumed by debt payments, meaning more funds are needed to finance future borrowing.
A Treasury Department spokesman says Christie’s five-year transportation plan relies less on borrowing than previous plans. But some Democratic lawmakers are criticizing Christie for not reducing it more.
Experts say borrowing has contributed to poor road conditions, and a gas tax hike may be needed to boost road funding.
(Copyright 2012 by The Associated Press. All Rights Reserved.)
APNP 04-23-12 1204EDT