Christie’s Budget Woes Create 2016 Hurdles [AUDIO]

On Tuesday, New Jersey Gov. Chris Christie dealt with the state's major budget problems in controversial fashion.

Governor Chris Christie addresses budget shortfalls in Trenton. (Governor's Office/Tim Larsen)

Facing a $1 billion shortfall to close this fiscal year and another $3 billion gap next year, Christie announced that he would dramatically slash funding to the already depleted public pension system.

Democrats have already said they are ready to stand their ground on the issue, renewing a fight from Christie's first year in office.

The budget woes have critics calling Christie's fiscal leadership into question, highlighting the state's poor record on foreclosures, job growth and credit ratings.

Many believe these latest issues, combined with the lingering black eye of Bridgegate, could impact a run at the White House.