NJ gov. proposes $29.4 billion state budget

TRENTON, N.J. - New Jersey's governor is proposing a $29.4 billion budget for the coming fiscal year that cuts spending, provides tax cuts for businesses and modestly increases school aid.

Gov. Chris Christie's budget provides a little more for property tax relief. New Jersey has the nation's highest taxes.

Christie, a Republican, held fast to his national reputation as a fiscal conservative as he delivered his budget message to a joint session of the Legislature on Tuesday.

He's proposing making a contribution to the state's underfunded pension system, but only if the Democratic Legislature agrees to his pension reform plan for government workers.

He wants to legislate higher health insurance payments for public employees. Union leaders in New Jersey oppose the concessions.

During his remarks, Christie referenced current budget battles currently being waged in Wisconsin and elsewhere in America over the benefits and bargaining rights of public workers.

"In Wisconsin and Ohio, they have decided there can no longer be two classes of citizens: one that receives rich health and pension benefits, and all the rest who are left to pay for them," Christie said.

"Democrat or Republican, it doesn't matter," he continued. "We are all facing the same problems. These problems are bigger than either political party. The promises of the past are too expensive, and the prospects of the future are too important to stay on the old, failed course."

Below, see a word cloud of the text of Christie's speech: