NEW YORK, Oct 29 (Reuters) - New Jersey Gov Jon Corzine on Wednesday said the U.S. economy needs a federal stimulus package after the Nov. 4 elections and before the new president is inaugurated, which he hopes will total $250 billion to $300 billion, according to a copy of his Congressional testimony.
The Democrat, a former co-chairman of Goldman Sachs GS.N and a former U.S. senator, stressed that without federal aid, including block grants and extended unemployment benefits, states might have to slash their spending, worsening the nation's economy downturn.
“We need federal help to get through these tough times so that New Jersey and other states don’t take actions that offset any stimulus you all provide, or that we further compound shrinking demand for our flailing economy,” Corzine said, citing estimates that states might have to clip $100 billion from their budgets. (Reporting by Joan Gralla; Editing by James Dalgleish)
Our Standards: The Thomson Reuters Trust Principles.