TRENTON - Gov. Chris Christie is set to address a joint session of the Legislature this afternoon to announce his $30 billion budget.

Christie's proposed budget of around $30 billion will likely include the first phase of an income tax cut that will cost $150 million.

Democrats complain the cut disproportionately benefits the wealthy. But Christie could revive the earned income tax cut that benefits poor working families to blunt that criticism.

Christie is also expected to explain his plans for school funding. His previous attempt to change the system was turned down by the New Jersey Supreme Court.

Christie also must make a pension payment of nearly $500 million. And he may revise current spending because revenues were lagging by about $300 million through December.

Gov. Christie's budget address is scheduled for 2 p.m. and can be watched LIVE on News 12 New Jersey and