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New Jersey looks to cut costs amid big shortfall

Local News | May 09, 2014

New Jersey looks to cut costs amid big shortfall

TRENTON, N.J. (AP) — New Jersey’s state treasurer says the state is looking for ways to cut its budget between now and the end of June to fill an $800 million budget gap.

Andrew Sidamon-Eristoff appeared Thursday before the Senate’s budget committee. It was his second straight day of being grilled by lawmakers who are antsy about how the state will fill that gap, which was discovered only in late April.

He says that Gov. Chris Christie’s administration is still looking at all its options.

But he says that simply shifting to next year big payments such as pension contributions or aid for municipalities would not solve the budget crunch.

He plans to present a plan this month for balancing this fiscal year’s budget and next year’s.

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