Corzine signs N.J. budget

June 30, 2008 11:45:41 AM PDT
New Jersey Gov. Jon S. Corzine has signed a $32.86 billion state budget that slashes funding for key services.

Corzine signed the budget shortly after 2 p.m. Monday, less than 10 hours before the state's July 1 constitutional budget deadline.

The budget cuts funding for hospitals, nursing homes, municipalities and state colleges but increase money for public schools.

It extends a tax on public utilities but includes money to avoid a business tax increase.

Corzine's and his fellow Democrats who control the Legislature say the cuts are painful but necessary during tough fiscal times.

Republicans contend the budget does nothing to solve key problems, including an impending shortage in transportation funding.