Christie Announces NJ Transportation Fund Fix
TRENTON, N.J. (AP) — New Jersey Gov. Chris Christie has laid out a plan to fund state road and bridge projects for the next five years.
The plan calls for spending $1.6 billion a year, the same amount that is currently spent. The fund was due to run out of money in June.
The money will come from several sources, including $2.6 billion in new borrowing and an unspecified amount the state had set aside for a new commuter rail tunnel into Manhattan. Christie scrapped the tunnel in October, saying the state couldn’t afford potential cost overruns.
Christie’s transportation funding plan decreases borrowing over time and increases pay-as-you-go funding.
Repairs to the Pulaski Skyway in northern New Jersey are among the many projects planned.
(Copyright 2011 by The Associated Press. All Rights Reserved.)