New Jersey U.S. Sen. Robert Mendendez is taking over as head of the Democratic Senatorial Campaign Committee, giving him the reins to a key political operation charged with raising money and winning seats across the nation.

The job gives Menendez a high-profile post not quite three years into his tenure in the Senate. He becomes the first Hispanic to head a campaign committee in either the House or Senate, according to the DSCC.

Menendez takes over for New York Sen. Charles Schumer.

Previous New Jersey Sens. Jon Corzine (now governor) and Robert Torricelli have also chaired the commitee in recent years.

We'll have more details in tomorrow's Inquirer.

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The news that the current value of New Jersey's pension fund had fallen to $62 billion by the end of October means the system has reached a 10-year low point. It is now at its lowest value of any time since 1998, falling below its $62.2 billion value in 2003.

A chart on the state Division of Investments page shows the system's fluctuating history. Boosted by three consecutive years of double-digit investment returns, the fund rose up to a high of $82.6 billion in 2000, only to lose much of the gains by 2003. The investments rose back up to a similar peak last year, only to plummet again since July 1 of 2007.

The chart at the bottom of this page shows the history of the pension fund's value: http://www.state.nj.us/treasury/doinvest/history4.html

Our story today detailed some of the latest losses and other problems that have struck the state's pension system.

http://www.philly.com/inquirer/local/20081125_N_J__lawmakers_fret_over_pension-fund_losses.html

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When Gov. Corzine spent a fair piece of his inaugural address in January 2006 calling for higher ethical standards and more responsible government spending, he angered at least two of his fellow Democrats: Sens. Sharpe James and Wayne Bryant.

"Was he elected to be the only one to decide what's political? What he views could be different from the Legislature," Bryant griped.

James said most of the Senate and Assembly "already agree with his hue and cry for reform, and do not deserve to be painted with the same brush."

Both were convicted on corruption charges this year.

James was found guilty of using his power as mayor of Newark to steer land at cut-rate prices to his mistress.

Bryant this week was convicted of sending millions of dollars to the University of Medicine and Dentistry of New Jersey in exchange for a no-work job.

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The news for New Jersey’s state budget has been ugly recently. Mike Symons, of the Gannett State Bureau, wrote a recent column explaining that there’s a chance it could get even worse.

While New Jersey has had projected budget deficits for more than four years running, those were all based on predictions of revenue versus spending before a budget was struck. That gave governors a chance to trim back expectations in order to balance their spending plans before it was approved.

But the latest crisis, writes Symons, my former editor and mentor on all things budget, is different from those in recent years in that it comes once the budget year has begun – meaning state money is already spent or in the process of being spent. And towns and schools are counting on portions of the budget, making it harder to cut back.

That leaves less room for Gov. Corzine to maneuver.

Corzine has placed the deficit for the budget ending June 30 at $1.2 billion. He warned that it could be lower or higher.

Symons points out that the last time this happened was in 2001 and 2002. And his column notes that it would take a significant turnaround from recent revenue trends to keep to the $1.2 billion figure.

Here's the column: http://www.app.com/article/20081120/NEWS0301/811200307/1007/NEWS03

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U.S. Attorney Chris Christie asked for patience today as reporters asked about a potential run for governor.

In his first public appearance since announcing Monday that Dec. 1 would be his last day, Christie provided little new fuel for the bonfire of speculation about his political future.

"Have some patience, and give me some time to be able to make a decision about my future," Christie said in a news conference shortly after he saw another corruption trial he brought end in a conviction, this time of former Camden County Sen. Wayne Bryant.

Christie said he needed time to consider his options, both in the private sector and public life.

"I'm going to go home, I'm going to take a vacation, I'm going to look for a job," he said of his plans.

Many Republicans see Christie as their best chance for winning the governor's office in 2009, given his run of high-profile corruption prosecutions. Democrats have attempted to paint him as a one-issue candidate, and argue that the economy will continue to be a major issue next year, a potential strong point for Gov. Corzine, who is well versed in complex financial issues.

Christie, asked by reporters, did address one Democratic criticism - that he only targets Democrats. He argued that Democrats control most of the power in New Jersey, and therefore have access to the influence that can lead to corruption. And, he noted that no one he prosecuted has been acquitted.

"He's guilty, that's my response," Christie said, later adding, "I don't pick the people who committed the crimes."

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