TRENTON, N.J. (AP) — New Jersey faces a series of increasingly urgent budget pressures, including keeping pension and health insurance promises to retirees, funding health care for the poor and repairing aging roads and bridges, said three independent experts who published a report examining the state's financial condition Thursday.
The trio, led by former Federal Reserve Chairman Paul Volcker, are taking an unvarnished look at the budgetary strains facing six states: New Jersey, New York, Virginia, Illinois, Texas and California. Their group, called the State budget Crisis Task Force, was in Trenton to discuss their findings as reports on New Jersey and Virginia were being released.
Former New York Lt. Gov. Richard Ravitch and Richard Keevey, from the School of Public Affairs and Administration at Rutgers-Newark, also contributed to the report.
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