More Budget Cuts Coming As New Jersey Tax Revenues Fall $800-Million Short Of Expectations

By David Madden

TRENTON, N.J. (CBS) - New Jersey is forced to deal with yet another revenue shortfall, and that means budget cuts, perhaps major ones given the current spending plan is some $800-million dollars in the red.

Governor Chris Christie says several states overestimated tax revenues. He suggests after the feds allowed temporary tax cuts to expire, prompting wealthier people to change their spending habits.

"This is not a problem we are going to grow out of. This is a problem we have to deal with aggressively. I've been saying that and I've had people saying, 'Oh no it's not really a problem. The governor is overdramatizing this.' Well, I think that one had a short shelf life."

Christie's gone to his budget people to draw up a priority list, and he insists nothing is off the table when it comes to cuts. He's also reaching out to legislative Democrats for input, but with just two months before the end of the fiscal year, options could be limited.

"We will have a balanced budget. We'll come forward in the next few weeks with a plan to do that."

In:
• New Jersey
• Chris Christie
• KYW Newsradio