New Jersey Governor Chris Christie declared a fiscal emergency and said he will withhold $475 million in school aid to help close a $2.2 billion budget deficit with less than five months remaining in the fiscal year.
Christie, 47, a Republican who took office Jan. 19, also said he will reduce funding for hospitals and colleges, delay capital projects, cut subsidies for New Jersey Transit and eliminate state programs that “sounded good in theory but failed in practice.”
“The cuts I have outlined may sound dramatic. And they are,” Christie said in a speech today to a joint session of the Democrat-controlled Legislature. “Some sound painful. And they will be. I am not happy, but I am not afraid to make these decisions, either. It is what the people sent me here to do.”
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