Governor Approves State Budget for FY 2012; Cuts $900 Million in Spending Approved by Democrats

Democratic majorities in both houses of the Legislature passed a $30.6 billion State budget for FY 2012 in party-line votes of 24-15 in the Senate and 46-32 in the Assembly on June 29. The next day, Governor Chris Christie used his line item veto authority to sign the bill and simultaneously cut $900M in proposed spending. The new Fiscal Year begin July 1. The Governor also vetoed a proposal to increase the top tax rate on business and individuals, the so-called "millionaires tax." For a copy of the Governor's press release click here.