The Ruins of Trenton

New Jersey politicians from both sides of the aisle have congratulated Gov. Jon S. Corzine on Tuesday's State of the State address in recent days, in recognition of the governor's observations on the broken state of New Jersey's finances.

But many of the legislators and state politicians cast doubt on the validity and rationale behind the governor's asset monetization plan, which would gradually hike up tolls on the state's superhighways to provide revenue to a state agency that would undertake one of the largest bond issues in history.

Gov. Corzine's proposals would use the bonds to pay back around half of the state's $32 billion debt and replenish the state's Transportation Trust Fund, while using the burgeoning toll revenues to pay back the debt service on the bonds.

File it under the "take on debt to fix debt" category in your government plan filing cabinet.

Coupled with the plan would be spending controls and a requirement for referendum votes on any additional spending measures initiated by state government that did not correspond to some sort of revenue source ready to fund the spending in question.

Hardcore Democrats like Mercer County's own Bonnie Watson Coleman were quick to embrace the governor's speech and the plan, but many Republican legislators immediately questioned the logic behind issuing more long-term debt to address the current debt.

The plan will be hashed out with New Jersey residents over the coming months, with Gov. Corzine set to hold 21 town hall meetings in 21 counties.

The first meeting is upcoming, in Livingston, N.J.