From nj.com:
Voters to Trenton: Slow down on spending
New Jersey voters may have allowed Democrats to retain control of the state Legislature in Tuesday’s elections, but they are sending them back to Trenton with a clear message: slow down on the borrowing.
In rejecting a plan to borrow $450 million to fund stem cell research, voters gave Democrats a harsh review of their fiscal stewardship of the state. The vote also signals “asset monetization” – Gov. Jon Corzine’s plan to sell or lease state roads to finance other spending – may be in serious trouble even before he unveils the details to the public.
“Jon Corzine campaigned for three things this year,” New Jersey Republican State Chairman Tom Wilson said, referring to two defeated candidates for state Senate and the stem cell question. “All three lost. Monetization should be a dead on arrival.”
Corzine spokeswoman Lilo Stainton had a more positive take on the results.
“Walk first, then run,” she said. “That seems to be the theme of this election. The public understands the state has serious financial problems that must be dealt with first.”
Before the new Legislature is sworn in this January, the current membership will have a “lame duck” session of about two months during to address issues. It’s uncertain whether the asset monetization plan will come up during the session, but there is enough other unfinished business to keep lawmakers busy.
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Although the ballot questions on stem cell research and property tax relief were unrelated, opponents successfully framed them as a referendum on the state’s financial health. Two other questions – on open space preservation and removal of offensive language from the state constitution – were approved.
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“People are saying enough is enough with the borrowing, and that we shouldn’t be venturing into highly risky business ventures,” said Bogota Mayor Steve Lonegan, who campaigned against all four ballot questions.