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Tuesday, March 3, 2009

Corzine: spending cuts will outweigh taxes

Gov. Corzine said today that deep spending cuts in the budget he will unveil March 10 will exceed any tax increases that may also be part of the spending plan.

"One thing's for certain, we’re going to have very, very serious cuts in spending. Big cuts in spending that will way overwhelm some of the other kinds of things we’re talking about," Corzine told reporters this morning when asked about the tax increases his administration is considering.

Corzine would not confirm that the potential tax increases we wrote about Sunday are under discussion.

"All options are on the table and in fact no final decisions have been made on any specifics," Corzine said. "We have several different models we are looking at."

According to multiple sources, Corzine is eyeing an income tax surcharge of 5 percent or less on incomes of $250,000 or more and increases in taxes on cigarettes and liquor, though no decisions are yet final. He is also considering requiring state workers to take 12 unpaid furloughs - one per month - over the course of the next fiscal year.

Corzine said furloughs are preferable to lay offs.

"It is better to have people working, it is better to have people have health care, than it is to have people standing in the unemployment line," Corzine said.

Corzine will give us the final details of his budget March 10. It will then head to the Legislature, where some Democrats are already balking at the idea of tax increases.

Click here for Philly.com's politics page.
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