The spending plan raises $1.3 billion in new taxes on businesses and residents. It preserves property tax rebates to homeowners with limited and fixed incomes.
The budget increases so-called sin taxes on liquor, wine and lottery winnings over $10,000. It raises income taxes for one year on the wealthiest New Jerseyans and extends a 4 percent surcharge on corporate business taxes that was to expire.
The budget relies on $2.2 billion in federal stimulus money.
Democrats say the budget is responsible and prudent in harsh economic times. Republicans say it relies too heavily on federal stimulus money and other one-time revenues.
Copyright 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed. Audio Content and Graphic Content Copyright 2009 WCBS-AM 880.
Yankee Parade from the Sky There is no better way to see how many fans showed up to cheer on the Yankees as the worked their way through the Canyon of Heroes better than from the sky. Tom Kaminski took these photos from Chopper 880. Enjoy!
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