Gov. Jon S. Corzine has presented a budget that calls for sacrifice, while preserving programs for children, senior citizens and the most vulnerable.
The governor proposed eliminating property tax rebates for New Jerseyans earning more than $75,000 a year. The Democrat wants to save $400 million by furloughing state workers and freezing their wages. The proposal also would reduce the state's contribution to the chronically under funded public employee pension program.
Corzine's $29.8 billion budget preserves funding for education, children's health care and financial rescue programs while returning spending to 2006 levels.
However, it imposes new taxes on businesses, the wealthy, and drinkers and smokers.
The proposal for the fiscal year, which begins July 1, requires legislative approval.
Copyright AP - Associated Press