No new taxes in Christie $34.4B budget proposal

    New Jersey Gov. Chris Christie is proposing a state budget that does not raise taxes or trim school aid, but offers no major new programs or initiatives.

    All but a small fraction of the growth in revenue will go toward pension and debt payments and employee health care costs.

    The $34.4 billion budget includes a $2.25 billion payment into the public employee pension fund, an amount that represents four-sevenths of what the state actually owes.

    Retiree and debt payments continue to crowd out other spending, despite landmark pension reforms enacted during Christie’s first term.

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    The Republican and possible 2016 presidential candidate delivers this budget as traffic jam and storm aid scandals have mired the start of his second term.

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