S&P Raises Concern Over Christie Budget
A Wall Street ratings agency has raised concerns over Gov. Chris Christie’s $32.9 billion proposed state budget.
Standard & Poor’s issued its report on Christie’s budget Wednesday, two weeks after the governor outlined the plan. It says the budget is based on revenue goals that may be too optimistic, and also cited uncertainty after Superstorm Sandy.
It’s the second straight year the ratings agency has flagged the state budget for revenue collections that are potentially too optimistic.
The budget for the year that starts July 1 relies on a 4.9 percent revenue gain; the current year relied on the highest revenue growth of any state, more than 7 percent.
The report maintained an AA- rating, the fourth-highest investment grade, on New Jersey’s general-obligation debt, and the negative outlook.
Copyright 2013 The Associated Press.