(Adds comments from assemblyman, Christie)
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.
"We are dismayed, frankly, that we could not reach a
cooperative budget," said Assembly Budget Committee Chairman
Gary Schaer, a Democrat, in a statement.
It is the fourth time that Christie, a potential 2016
Republican presidential candidate, has shot down legislation
that would increase income taxes.
"I do not accept the premise that we can tax our way to
prosperity," Christie said in his veto message.
(Reporting by Hilary Russ; editing by Gunna Dickson)