GOVERNOR’S OFFICE EXPLAINS WAY TO BRIDGE $1 BILLION BUDGET GAP

Over the end of this fiscal year and the next fiscal year, the state has a projected $1 billion budget gap. NJ.com reported on documents filed by the state that included a mix of general spending cuts to the next two fiscal years, pushing back tax credits owed to businesses, and dipping into surplus. The state thinks a weak stock market last year is part of the reason it has fallen behind in tax collections.