Sweeney says N.J. voters will likely be asked to pick up part of Sandy tab (NJ . com)

December 15, 2012 – Senate President Stephen Sweeney said he thinks the state will need to ask voters to borrow billions to pay for the recovery from Hurricane Sandy. Even though the federal government is expected to cover most of the costs, the state needs to contribute part of it. Normally, a state’s match of federal funds is 25 percent. President Obama, Sweeney said, can raise that to 90 percent. But it still won’t be enough to avoid borrowing costs. “If it’s $40 billion, it’s $4 billion,” Sweeney (D-Gloucester) said Friday. “We don’t have the ability to pay. We’re going to have to pay somehow. And the likelihood is we’re going to have to ask the people for the money.”

Link to Full Article: http://www.nj.com/politics/index.ssf/2012/12/sweeney_says_nj_voters_will_li.html

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