NJ budget revises revenue forecast ; projects shortfall of $700M through mid-2014

TRENTON, New Jersey — The New Jersey Legislature's budget analyst now says Gov. Chris Christie's revenue estimates are off by about $700 million.

David Rosen revised his revenue forecast for the next 13 months based on a Treasury Department report he received late Monday. Rosen told the Senate budget committee on Monday that Christie's revenue figures were inflated by nearly $1 billion.

Treasurer Andrew Eristof's latest estimate shows Christie's budgets are off by $165 million.

The difference of views on the state of government revenues could be an obstacle in negotiating a budget.

The Democratic-controlled Legislature and the Republican administration must come to terms by June 30.

Because the budget must be in balance, the two parties must also agree on how much to trim earlier revenue estimates.

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