Christie outlined the dire financial straits facing the country and revealed that the Ingraham administration left a deficit of $504 million when it left office.
Christie said the large deficit, and the sizeable borrowing the government will have to undertake to make good on its prior financial commitments, has placed significant constraints on his administration. The prime minister said the previous administration left behind sizeable, ongoing capital expenditure commitments and contracts, which were signed days before the May 7 general election.
In keeping with his government’s commitment to get tough on crime Christie said the Progressive Liberal Party would immediately implement Urban Renewal 2.0.
Christie said that this year’s budget is the only the start of his administration’s fulfillment of many of its election campaign promises.
“This budget unequivocally sets us on the course of change that we pledged to initiate and pursue with diligence and dedication,” Christie said. “However in light of the very short time since our return to government this budget is the very first step in that process of transformation.