On Wednesday, Dr. David Rosen with the Office of Legislative Services (OLS) estimated that over the next 14 months state revenues will lag $1.3 billion behind Christie's projections. Governor Chris Christie expects the budget gap to be about $676 million.
With time running out to give Jersey residents a tax break, Governor Christie has blasted democratic leaders for resisting his proposal for a 10 percent income tax cut, despite less than favorable revenue projections from the Office of Legislative Services.
Yesterday, the top budget analyst for the non-partisan research arm of the legislature told the Assembly Budget Committee that New Jersey has raked in only half of the $1 billion in revenue growth Governor Chris Christie is anticipating for this fiscal year.
Governor Chris Christie wants to cut income taxes by 10% for every New Jerseyan. Senate Democrats want to cut property taxes by 10% and Assembly Democrats have a plan they say can provide a 20% property tax cut for those who need it most.
Governor Chris Christie, the State Senate Democrats and the Assembly Democrats all have competing tax cut proposals, but if the state doesn't have enough money to support any of them they could all be dead.