Gov. Christie Wants to Borrow Billions to Fix NJ Roads, Bridges

New Jersey Governor Chris Christie is seeking the state legislature's permission to borrow several billion dollars for transportation projects, even though New Jersey voters said in 2008 they want final say over new state debt.

The governor — a fiscal conservative who once said new debt should not be issued without voter approval — needs the borrowed money because he wants to spend $8 billion over the next five years to upgrade New Jersey's aging transportation infrastructure, and he won't have enough funds coming in just from the state budget or outside sources such as the Port Authority of New York and New Jersey to do so.

He also wants to skip getting public approval for the debt, even though more than 1 million New Jersey voters authorized an amendment to the state constitution in 2008 that significantly limits any new borrowing without voter consent.

(More on Christie's borrowing plans . . . )

 

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