New Jersey owed nearly $34 billion at the end of the 2011 fiscal year, more than the $32 billion in anticipated state revenues in the coming fiscal year.

Money
loading...

Members of the Assembly's Budget Committee discussed the state's debt Wednesday during a hearing with the state treasurer. A report from the non-partisan Office of Legislative Services notes the debt is equal to 7 percent of the state's 2010 gross domestic product of $487.3 billion. That doesn't include interest on the debt.

The state also has over $7 billion in authorized but unissued bonding debt.

Gov. Chris Christie's 2013 budget calls for $2.9 billion in debt payments, about 9 percent of the anticipated $32 billion in state revenues.

Debt figures for the end of the current fiscal year are not yet available.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

More From New Jersey 101.5 FM