Christie Signs Jersey Budget With Deep Pension Cuts

Vetoes "millionaire's tax" proposed by Democrats.

Gov. Chris Christie signed a $32.5 billion state budget today that all but abandons a first-term plan to repair New Jersey’s derelict pension system, slicing $1.57 billion from a payment required by law for public workers’ retirement funds,” the Star-Ledger reports.

The budget offers increases in funding to schools and hospitals. Christie vetoed Democratic bills that would’ve raised $1.1 billion for the pension funds by taxing millionaires and businesses.

“As I have said before, I strongly believe that punitively raising taxes on our already overtaxed residents and small business owners is not the answer to the state’s short- and long-term fiscal challenges,” Christie wrote in his veto message.