State budget worsens for NJ

The state treasurer says that because of low tax revenue, New Jersey is facing another $325 million shortfall over the next five weeks.

The shortfall means that there will be more budget cuts, including everything from business development to state parks. Democrats say it is proof that Gov. Chris Christie (R-N.J.) was wrong to veto a millionaire's tax. They say the tax would have raised extra money.

Budget Officer Anthony Bucco says that "it just goes to show that the recession, the national recession, is also hitting us here in New Jersey."

Both sides will have to put aside their differences soon. The law requires that a balanced budget be in place for New Jersey by the end of June.

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