The new state budget has officially been released to lawmakers.

New Jersey has had to increase taxes and cut spending in order to try and get a hold on the state deficit. The budget cuts spending by almost $4 billion.

Included in the cuts are property tax rebates for all homeowners except seniors and the disabled. Families that earn more than $400,000 a year will be hit with an income tax hike. Taxes will also be hiked on cigarettes and alcohol.

"I've now been in the legislature for 22 years ? I have never seen a budget year like this," says Assemblyman Joe Roberts (D). "These are the toughest, most dire circumstances economically."

Roberts does say property tax rebates are being suspended, not eliminated.

"As things get better, that's going to be one of our top priorities," he says.