N.J. tax revenues $200 million below budget in Nov.

TRENTON - It's been another dismal month for revenue collection in New Jersey.

The state Treasurer reports revenue collection was $200 million below projections for November, worsening the state's already grim budget picture.

It's the second month in a row that tax revenue fell significantly. In October, the Treasurer's Office reported a $211 million revenue shortfall.

Income tax receipts, corporate business and sales tax revenues were all lower than projected.

New Jersey's fiscal year shortfall is now estimated at $1.2 billion.

Gov. Jon. S. Corzine says he'll announce additional budget cuts after the holidays.

The state Constitution requires a balanced budget, which means that the state can't spend more than it brings in.