New Jersey Gov. Chris Christie is set to unveil a proposed budget of around $30 billion.
The spending plan being announced Tuesday is expected to include the first phase of a three-year income tax cut the Republican governor proposed last month. Analysts say the revenue lost to the tax cut in the next budget will total about $150 million.
The tax break and other spending proposals -- including a possible tinkering with public education funding -- will be tempered by the still-fragile economy. Unemployment still hovers around 9 percent and state tax collections lagging by about $300 million.
Christie's budget must be balanced. He's also obligated to make a payment of nearly $500 million to the pension system.
The new fiscal year budget will take effect July 1.
