Chris Christie Endorses Tax Cut Plan, Despite Slow Growth

Gov. Chris Christie says he's committed to providing tax relief to New Jerseyans in the coming fiscal year despite a newly reported budget shortage.

Legislative budget officer David Rosen now projects the state will take in $1.3 billion less than Christie budget through 2013. But state Treasurer Andrew Eristoff estimates the gap will be about half that -- $676 million.

Both say state revenue is growing, but not as quickly as projected.

Nonetheless, Christie and Eristoff say it still makes sense long-term to provide a modest tax cut beginning in the 2013 fiscal year.

The Legislature is receiving the adjusted calculations before beginning negotiations on Christie's proposed state budget.

Christie and the Democrats who control the Legislature have until June 30 to strike a deal on the spending plan.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)