Don't let them raise taxes!!!!

To: Senator Madden, Assemblyman Moriarty, Assemblywoman Mosquera

American Citizens Lobbyist Group

New Jersey
Monday, 4.14.14
Budget Time in Trenton Part 3

S&P downgrades New Jersey on budget concerns.

The downgrade makes New Jersey the third-lowest rated state in the country by S&P, trailing only Illinois and California.

NEW YORK (Market watch)   Standard & Poor's Ratings Services lowered its rating on New Jersey's general obligation debt to A+ from AA- Wednesday afternoon.

 It also lowered its rating on the state's appropriation-backed debt to A from A+ and its rating on the state's moral obligation debt to BBB+ from A-, while maintaining a stable outlook on the state's ratings.

S&P analysts said in a note that the downgrade reflects a "sizeable structural imbalance" related to the state's attempts to balance its budget, which the firm believes will lead to "future budgetary pressures."

The analysts acknowledged the state's economic environment is generally improving, but won't be enough to offset potential unfunded pension liabilities.

http://www.marketwatch.com/story/sp-downgrades-new-jersey-on-budget-concerns-2014-04-09

The downgrade makes New Jersey the third-lowest rated state in the country by S&P, trailing only Illinois and California.

The agency previously downgraded the state’s bond rating in 2011. Each time it goes lower, it drives up the cost of borrowing for major projects such as schools and roads.

There are only two ways to balance a budget. Raise revenue or cut spending.

We recommended a 3% cut across the board two weeks ago.

Last week we recommended that you cut wasteful spending.

We have confidence in you our legislators, and NJ state workers. If everyone pitches in we can get this budget under control.

American Citizens Lobbyist Group-NJ
Basil Mantagas, NJ Director, 646-825-0776, bmantagas.aclg@gmail.com
4.14.14, S&P downgrade.Budget Part 3