Christie signs $29.4B budget

SOUTH RIVER, N.J. - Gov. Christie signed his first state budget into law today.

The $29.4 billion budget cuts aid to public schools, suspends property tax rebates for this year, and jettisons public watchdog agencies.

The Republican says the plan is an attempt to "restore fiscal sanity" to a state that chronically overspends.

Republicans supported the budget unanimously after some arm-twisting and when Christie agreed to remove a proposal to raise $5 million by increasing filing fees that businesses pay to the state.

Democrats supplied the minimum number of additional votes needed to pass the budget by June 30 to avert a government shutdown.

But Democrats aren't happy. Assembly Budget Committee Chairman Lou Greenwald says the budget is laden with tax increases on the middle-class and working poor while largely exempting New Jersey's wealthiest residents.