N.J. budget gap now at $4.4B - Philadelphia Business Journal:

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billion to $4.4 billion, said Gov. Jon S. who laid out additionapl action to address it Nearly 92 percent ofthe $4.4 billion shortfallk is the result of state revenuer shortfalls. Budget cuts will close abou t one-half of the shortfall and $700 milliom in federal funding, including Medicaid and federal will also help offsetthe gap. “These are tough but necessary choices,” Corzine said. “The cuts we are making are unprecedentefd but we are experiencing a national economic crisis the likeas of whichwe haven’t seen in We are living up to our fiscal responsibilitt as we face even more difficulr choices in the next two months.
” The statd will make another $150 million in spending cuts to statw programs, tap $450 million of the $750 million states surplus, reduce its pensiojn contribution by $150 million, and defer expensese for school aid and Businesx Employment Incentive Program grants. To view the state’s budget update and cuts, click .