Corzine announces more budget cuts

TRENTON, N.J. - May 14, 2009 - The governor also plans to cut another $150 million from state government with less than two months to go in the current fiscal year.

The cuts are needed to offset an estimated $1.2 billion shortfall in anticipated revenue.

The nonpartisan Office of Legislative Services says much of the shortfall comes from a 40 percent drop in collected income taxes, or about $800 million.

Corzine says his office is negotiating with labor leaders over two furlough days for state workers.

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