Christie slashes tax hikes, signs $34B budget

Gov. Chris Christie has used his veto pen to strip more than $1.6 billion from the 2016 budget approved by the Legislature and signed a roughly $34 billion budget into law.



Christie vetoed an income tax increase and corporate business tax. He also conditionally vetoed the Democrats' millionaires' tax, but is asking the Legislature to approve an increase in the earned income tax credit.



The Democratic-led Legislature has called for increasing the credit.



Christie signed the budget on Friday ahead of a deadline for enacting the budget on Tuesday.



That's the same day he is expected to announce a run for the Republican nomination for president, according to several people familiar with his political plans.



They spoke to The Associated Press on condition of anonymity because they were not authorized to pre-empt Christie's announcement.


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