New Jersey Governor Chris Christie’s $32.1 billion budget is structurally unbalanced because it is built on “optimistic” economic-growth projections, according to Standard & Poor’s.
The spending plan, introduced Feb. 21, counts on tax revenue increasing 7.3 percent, the most since before the recession began in December 2007. It also depends on using $288 million of reserves and increases the state’s reliance on one-time revenues to $1.6 billion, S&P said today in a report.
