New Jersey Gov. Jon Corzine introduce $29.8 billion budget

New Jersey Governor Jon S. Corzine delivered his annual budget address, today. Proposing a $29.8 billion  fiscal 2010 budget filling up what he calls "staggering" $7 billion deficit in part by raising taxes on people earning more than $500,000 a year.

New budget is $3 billion less than that of fiscal 2009, that represents the largest one-year spending cut in state history in an effort to offset the impact of plunging tax receipts and higher benefits spending in the recession.

The budget begins July 1, the deficit will be filled by $4 billion in cuts, $2 billion in federal stimulus funds, and $1 billion in extra revenue from higher taxes on people making more than $500,000 a year, who will be asked to pay an extra 0.75 percent on their income taxes for one year only.

The governor's budget speech will re-broadcast it at 10 o'clock tonight. It also will be Webcast live at njn.net.