Corzine calls for budget cuts! A Step in the right direction.

From Bloomberg.com:

New Jersey Governor Jon Corzine directed state department heads last month to prepare to trim their budgets by 5 percent in the event revenue for the fiscal year falls short.

The fact that the Governor has finally weighed in is a good sign for New Jersey and out potential to avoid another massive tax increase because of the mortgage crisis. He should have been out in front of this. But it doesn't minimize the importance that he finally did.

New Jersey's budget for the fiscal year that began July 1 reduced spending by $600 million to cope with an expected drop in tax collections. The financial crisis goes beyond what the state planned for, Corzine said earlier this month. Democratic and Republican lawmakers have since called on the governor to consider mid-year cuts.

``The seriousness of these issues probably will require that what we began on August 20 as contingency plans will have to go forward,'' Corzine said. ``I don't think this is going to be an easy process, but it is a necessary one. We have the requirement to balance our budgets.''

Mr Governor. Cut now and cut big. This is an unprecedented crisis that will force New Jersey government to live within its means. The shore housing market is almost sure to collapse and if the entire state doesn't get serious, we will have a major problem. And while you are at it Mr Governor, just say no to the new borrowing you have planned for the corrupt Schools Construction Corporation. It will send a sign that you are serious.

Lead Mr Governor, lead.

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