Much has been done in my two years as governor, but much remains. However, it could all be threatened by an out-of-control state budget that has been glossed over with promises and wishful thinking for too long.

I'm worried that we won't be able to make investments in our future as long as our state owes more than $100 billion in bonded debt and unfunded pension and health care liabilities. That's more than $45,000 per New Jersey household and more than virtually any other state. It's time to restructure our state's finances and put New Jersey on sound financial footing for the next 50 years.

My plan imposes three key spending rules on our state budget. First, I will introduce a budget in February that freezes state spending at this year's current level.

Second, we will end the culture of living beyond our means. Under my new rules, any future spending will have to be tied to a real increase in revenue. You can't spend money you don't have at home. Why should the State House be any different?

And third, we will return the state's credit card to the people. For nearly 200 years, our State Constitutions have explicitly barred borrowing without voter approval. But too many loopholes have bypassed the true meaning of this requirement. I am proposing an amendment that ends this practice and restores the people's rightful role in approving most types of borrowing.