TRENTON - The state Legislature met with top budget officials and Treasurer Andrew Eristoff today and concluded that the state's revenue is growing much more slowly than anticipated.
The Legislature's chief budget officer says New Jersey has achieved only half of the $1 billion in revenue growth Gov. Chris Christie had anticipated for this fiscal year.
According to David Rosen, of the Office of Legislative Services, by 2013, state revenue could be more than $1 billion behind what the governor expects. Christie's $32.1 billion spending plan for fiscal 2013, which begins July 1, counts on a 7.3 percent revenue gain.
Eristoff says the state can make the cuts necessary to balance the budget. He says he believes the state can still afford to cut taxes.
AP wire services contributed to this report.