economy

GREENWALD/CRYAN 'PERMIT EXTENSION ACT'
CLEARS SECOND ASSEMBLY COMMITTEE HURDLE
Measure Would Extend Building Permits For Six Years;
Part of Stimulus Package to Help Business, Keep New Jersey Competitive

(TRENTON) - The Assembly Environmental And Solid Waste Committee today released legislation Assemblymen Louis Greenwald and Joseph Cryan sponsored that would extend the life of building permits for a maximum of four years for commercial and residential development projects stalled by the possible lack of funding or revenues due to the current economic downturn.

Senate Republican Budget Officer Leonard Lance issued the following statement regarding the state of New Jersey's economy:

"New Jersey has reached the tipping point. It is hard to believe that New Jersey's economy is in such sad shape on so many fronts that our prosperity is endangered.

(TRENTON) - In light of President Bush's visit to New Jersey on Friday, Assemblyman Reed Gusciora (D-Princeton) is asking why the Bush Administration has provided over $250 billion to Wall Street banks in bailout money, while continuing to shortchange the average American.  Bush will be visiting a credit counseling agency in Freehold, NJ, to hold a discussion on the current mortgage meltdown.

GREENWALD: ACCESSIBILITY, AFFORDABILITY
KEYS TO GROWING STATE'S ECONOMY

(TRENTON) - Assembly Budget Committee Chairman Louis D. Greenwald said today that growing New Jersey's economy relies in large part on government and business working together to expedite business permit reviews and make housing and health care more affordable.

Newark, NJ – U. S. Senator Robert Menendez (D-NJ), a member of the Senate Banking Committee, issued the following statement in the wake of the Federal Reserve interest rate cut and the recent purchase of Bear Stearns Co.:

WASHINGTON – Today, U.S. Department of Labor reported that 63,000 jobs were lost in the U.S. economy in February, marking the second straight month of job losses. This comes a day after the Mortgage Bankers Association reported an all-time high in foreclosures during the last quarter of 2007, including a record high foreclosure rate of 0.68 percent in New Jersey.

WASHINGTON – Following a Senate Banking Committee hearing on the mortgage crisis and the economy today at which Senator Bob Menendez (D-NJ) engaged in pointed exchanges with Treasury Secretary Paulson about the administration’s economic outlook, Senator Menendez released the following statement:

Lautenberg Responds To State of The Union

Kyrillos: New Jersey Continues to Lag in Job Creation

Economic Agenda Should Be Focus of New Legislature

Senator Joseph Kyrillos (R-Monmouth/Middlesex) issued the following statement in response to the Department of Labor and Workforce Development’s report which showed that 86 percent of new jobs added in October came from the public sector, further proving that New Jersey continues to lag in the creation of private sector jobs.