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NJ debt highlighted on eve of Christie budget

2-24-14

TRENTON, N.J. (AP) — The Assembly’s budget committee is hearing from the Legislature’s fiscal expert on the growing amount of state debt.

But the panel will have to wait until Gov. Chris Christie gives his budget address on Tuesday to hear about any proposed solutions from the administration.

Legislative budget officer David Rosen says bond ratings agencies are troubled by the state’s indebtedness. That’s because revenues aren’t growing fast enough to keep up with spending obligations.

A lower rating means higher borrowing costs.

The state treasurer issued a debt report this month that shows New Jersey’s bond debt rose to the highest level of Christie’s tenure. Only Hawaii, Massachusetts and Connecticut carry higher per-capita debt than residents of New Jersey.

The Christie administration has borrowed more money this year.