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New Jersey lawmakers to introduce budget plan

Local News | Jun 24, 2014

New Jersey lawmakers to introduce budget plan

TRENTON, N.J. (AP) — Democratic New Jersey lawmakers are set to advance their own state budget in an effort to rebuff Gov. Chris Christie’s version, which calls for cutting the planned state contribution for public employees’ pensions.

The spending plan to be introduced Tuesday calls for raising income taxes on payers with incomes over $1 million. That is a measure that the Republican governor opposes.

Republicans say a higher tax would drive the wealthy away and hurt the state’s economy and budget more.

Christie called for cutting the pension fund contributions after revenue came up below projections in April.

Because of line-item veto power, Christie is likely to get his way in the end.

A balanced budget must be in place by June 30.