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In talk today, Corzine set to seek road-toll increase

TRENTON - Gov. Corzine today is set to unveil his plan to increase tolls on some of the nation's busiest highways to help cut state debt and pay for transportation improvements.

TRENTON - Gov. Corzine today is set to unveil his plan to increase tolls on some of the nation's busiest highways to help cut state debt and pay for transportation improvements.

Corzine hasn't revealed specifics but is expected to seek at least a 45 percent toll increase just to pay for widening the New Jersey Turnpike in central New Jersey and fixing aging bridges on it and the Garden State Parkway.

"I don't take this step lightly," Corzine said. "I do so because it is the only way, in my judgment, to dramatically change the state's financial position."

Corzine's plan is meant to combat mounting debt he said threatens the state's future. He will announce during his State of the State speech to the Legislature that he won't let spending increases in the budget due July 1 to emphasize his intent to revamp state finances.

Corzine wants to pay at least half of $32 billion in state debt, a total that has doubled since 2000 and makes the state the nation's fourth-most indebted state. The debt consumes about 10 percent of the state budget - a figure Corzine said would rise in coming years, preventing the state from investing in vital key needs unless something was done.

State bridges also need $13.6 billion in repairs and the state's transportation fund is set to run out of money in 2011.

Corzine has acknowledged his plan may be tough to sell to lawmakers and citizens, but insists he has little choice.

"The real risk to our collective future comes from the status quo, not from change," he said. "Make no mistake - I am willing to lose my job if that's necessary to set our fiscal house in order and get New Jersey out from the debt burden constraining our future."

Corzine wants to create a nonprofit agency that would issue bonds to bring the state a quick, large cash infusion. The bonds would be paid back by increased tolls.

He's also looking at other revenue sources, including possibly selling naming rights to state properties, development rights at train stations and properties along toll roads, leasing state-owned fiber optic networks and increasing fees for vendors at toll road rest stops.

The Garden State Parkway has had one toll increase and the New Jersey Turnpike four in the last 50 years. In 1989, parkway tolls increased to 35 cents per toll booth. The last turnpike toll increase was in 2003, a 17 percent hike.

The average cash-paying automobile driver pays $1.92 per turnpike trip.