Corzine: Further spending cuts may be needed

September 29, 2008 10:37:30 AM PDT
Gov. Jon S. Corzine says New Jersey's budget may need to be pared by hundreds of millions of dollars due to the sputtering economy. The administration is currently reviewing 5 percent across-the-board cuts that every department and agency was instructed to draw up as a precaution.

Corzine did not say how much state revenues are expected to be down because of the financial crisis gripping the country.

Corzine says the contingency plan for state spending may be needed if New Jersey is to maintain a balanced budget.

The governor is also asking the Legislature to forego any bills that would increases spending.

Corzine says he's stepping up New Jersey's job-creation projects.