Daily Archives: February 22, 2009

Status Of State Economies: Gov Corzine on Face the Nation

Bob Schieffer spoke with New Jersey Gov. Jon Corzine, Indiana Gov. Mitch Daniels and Ohio Gov. Ted Strickland about the economic situations in their respected states.

Some interesting New Jersey budget numbers thrown out by Bob Schieffer while questioning Gov. Corzine about the impact of the current economic crisis was as follows; Expected sales tax revenue $ 8.5 billion (a shortfall of $653 million), State income tax shortfall of $1.45 billion, with a total drop of budget revenues of $2.8 billion expected.

Gov. Corzine said that revenues have dropped off by 8%-9% and he expects to take the economic stimulus money when made available from the federal government. He mentioned that he would use the money to help education, healthcare and infrastructure throughout the State. The Governor also mentioned that by taking the stimulus money offered by the President Obama, 100,000 jobs will be created or saved throughtout New Jersey.

Interestingly, Indiana (R) Gov. Mitch Daniels said that he will also take the stimulus money being offered by the Obama administration to invest it for later uses.

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Filed under Bob Schieffer, Economic Stimulus Package, Face the Nation, Gov. Mitch Daniels, Gov. Ted Strickland, Gov.Jon Corzine, Indiana, New Jersey, Ohio, tax relief

Status Of State Economies: Gov Corzine on Face the Nation

Bob Schieffer spoke with New Jersey Gov. Jon Corzine, Indiana Gov. Mitch Daniels and Ohio Gov. Ted Strickland about the economic situations in their respected states.

Some interesting New Jersey budget numbers thrown out by Bob Schieffer while questioning Gov. Corzine about the impact of the current economic crisis was as follows; Expected sales tax revenue $ 8.5 billion (a shortfall of $653 million), State income tax shortfall of $1.45 billion, with a total drop of budget revenues of $2.8 billion expected.

Gov. Corzine said that revenues have dropped off by 8%-9% and he expects to take the economic stimulus money when made available from the federal government. He mentioned that he would use the money to help education, healthcare and infrastructure throughout the State. The Governor also mentioned that by taking the stimulus money offered by the President Obama, 100,000 jobs will be created or saved throughtout New Jersey.

Interestingly, Indiana (R) Gov. Mitch Daniels said that he will also take the stimulus money being offered by the Obama administration to invest it for later uses.

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Filed under Bob Schieffer, Economic Stimulus Package, Face the Nation, Gov. Mitch Daniels, Gov. Ted Strickland, Gov.Jon Corzine, Indiana, New Jersey, Ohio, tax relief

>Obama Wants To Halve Budget Deficit By End Of First Term

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In an article posted on Yahoo News,  President Obama will be working to cut the federal budget deficit in halve by the end of his first term.

How does he plan to do this? Mostly by scaling back Iraq war spending, raising taxes on the wealthiest and streamlining government, an administration official.
According to the article: 
 “Obama hopes to achieve his deficit-reduction goal by generating savings as he follows through on three core campaign promises over the next four years.

He has pledged to wind down the Iraq war by withdrawing most combat troops within 16 months of taking office. He also has said he would let the temporary Bush tax cuts expire in 2011 for people making more than $250,000 a year, effectively raising taxes on those people. And, he has vowed to scale back spending and improve government efficiency by eliminating programs that don’t work.”
To me, it seems like a lofty goal given the current economic climate. He may be relying to much on the hope that the economic climate will change sooner rather than later, which would tend to follow Obama’s  personnal outlook of being an optimist. The President tends to see a glass half full rather than half empty.
I certainly hope that he is right and I wish him well because if the budget deficit is not brought under control soon the Nation will be looking at annual budget deficits of over a trillion dollars annually for many years to come.

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Filed under Economic Crisis, federal budget deficit, Iraq War, President Obama, State of the Union Adress, Yahoo News

Obama Wants To Halve Budget Deficit By End Of First Term

In an article posted on Yahoo News,  President Obama will be working to cut the federal budget deficit in halve by the end of his first term.

How does he plan to do this? Mostly by scaling back Iraq war spending, raising taxes on the wealthiest and streamlining government, an administration official.
According to the article: 
 “Obama hopes to achieve his deficit-reduction goal by generating savings as he follows through on three core campaign promises over the next four years.

He has pledged to wind down the Iraq war by withdrawing most combat troops within 16 months of taking office. He also has said he would let the temporary Bush tax cuts expire in 2011 for people making more than $250,000 a year, effectively raising taxes on those people. And, he has vowed to scale back spending and improve government efficiency by eliminating programs that don’t work.”
To me, it seems like a lofty goal given the current economic climate. He may be relying to much on the hope that the economic climate will change sooner rather than later, which would tend to follow Obama’s  personnal outlook of being an optimist. The President tends to see a glass half full rather than half empty.
I certainly hope that he is right and I wish him well because if the budget deficit is not brought under control soon the Nation will be looking at annual budget deficits of over a trillion dollars annually for many years to come.

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Filed under Economic Crisis, federal budget deficit, Iraq War, President Obama, State of the Union Adress, Yahoo News

Governor Corzine on Face the Nation


Here’s a heads up, tomorrow morning Governor Jon Corzine will join Ohio Governor Ted Strickland to discuss the Economic Stimulus Package that President Obama signed into law this past Tuesday and the positive benefits it will have for our states.

It airs live on CBS at 10:30 am.

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Filed under Bob Schieffer, Economic Stimulus Package, Face the Nation, Gov. Ted Strickland, Gov.Jon Corzine, New Jersey, Ohio, President Obama

Governor Corzine on Face the Nation


Here’s a heads up, tomorrow morning Governor Jon Corzine will join Ohio Governor Ted Strickland to discuss the Economic Stimulus Package that President Obama signed into law this past Tuesday and the positive benefits it will have for our states.

It airs live on CBS at 10:30 am.

Leave a comment

Filed under Bob Schieffer, Economic Stimulus Package, Face the Nation, Gov. Ted Strickland, Gov.Jon Corzine, New Jersey, Ohio, President Obama