June 30 New Jersey Governor Chris Christie on Monday vetoed Democratic tax hikes on the wealthy and on corporations, instead signing a smaller fiscal 2015 budget that slashes the state's full pension contribution.
Democratic lawmakers had passed a budget that included the full $2.25 billion of state pension funding, to be paid for with the tax increases.
Christie rejected both of those measures and reduced the size of their spending plan to $32.5 billion from $34.1 billion, in line with what he previously proposed after disclosing in late May a $2.75 billion revenue shortfall through the end of fiscal 2015. The vetoes, which come on the last day of the fiscal year, were expected.
(Reporting by Hilary Russ; editing by Gunna Dickson)
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