The state’s dire financial condition includes a staggering $176 BILLION short fall.

The Institute for Truth in Accounting, a “non-partisan, non-profit organization [which] works to expose budgeting and accounting deficiencies”, released a report outlining the state’s financial situation as of the end of the 2009 fiscal year.

The report shows that state has $143 BILLION in total liabilities and another $33 BILLION of debt accumulated when the state used “assets that were supposed to be set aside to meet statutory and contractual requirements” to pay past bills.

Reacting to the report, Americans for Prosperity State Director said, “This is just another sobering report showing that New Jersey is in fiscal crisis and on the verge of bankruptcy. The days of free spending must end.

“In order to make New Jersey prosperous and competitive again then we must drastically cut the size and scope of government and start cutting taxes on our businesses and citizens – and we must do it now.

“This is a signal that Governor Christie must stop borrowing and deferring pension obligations and to begin by placing the $4 BILLION in school construction not yet issued on the ballot for voters to approve.”

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NJ Legislators-Know the Facts Before You Vote