Budget Gap

Want to Buy a Bridge? No, Really.

States looking to close pesky budget gaps are finding an untapped mother lode beneath their feet -- er, wheels. Last year Chicago leased its eight-mile Skyway for $1.8 billion to a private consortium for 99 years. Now, governors on both coasts are salivating at the prospect of turning their asphalt and rest stops into cash.

States looking to close pesky budget gaps are finding an untapped mother lode beneath their feet -- er, wheels. Last year Chicago leased its eight-mile Skyway for $1.8 billion to a private consortium for 99 years. Now, governors on both coasts are salivating at the prospect of turning their asphalt and rest stops into cash.

'Acting' Governor Wants To Be Stem-Cell Superman

In his State of the State speech on Tuesday, New Jersey Acting Governor Richard Codey announced new funding for one of his favorite projects, the New Jersey Stem Cell Institute. How will a state that borrowed $2.3 billion to plug this year's budget and faces a $4 billion deficit next year pay for it? Borrow, of course, so that future budgets are obligated to fund it.

The acting governor promised to spend $150 million of unspent bond money to build the research center and plans to ask voters to approve an additional $230 million in new bonds for grants at the institute.

In his State of the State speech on Tuesday, New Jersey Acting Governor Richard Codey announced new funding for one of his favorite projects, the New Jersey Stem Cell Institute. How will a state that borrowed $2.3 billion to plug this year's budget and faces a $4 billion deficit next year pay for it? Borrow, of course, so that future budgets are obligated to fund it.

The acting governor promised to spend $150 million of unspent bond money to build the research center and plans to ask voters to approve an additional $230 million in new bonds for grants at the institute.

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