Reuters: U.S.: NJ's Christie says third of surplus may go to tax cuts

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NJ's Christie says third of surplus may go to tax cuts Jul 2nd 2012, 18:08 TRENTON, NEW JERSEY | Mon Jul 2, 2012 2:08pm EDT TRENTON, NEW JERSEY (Reuters) - New Jersey Governor Chris Christie told lawmakers on Monday that he is proposing a tax cut to give more than $200 million back to state residents. "I have used my veto authority on the budget you sent me to create a $650 million surplus," he told lawmakers whom he had called in for a special session. "Can't we afford to send just one-third of that surplus back to our citizens and to give them that guarantee today? I say, 'Yes.'" The session followed the Republican governor's signing of a $31.7 billion state budget on Friday that did not include the 10-percent across-the-board tax cut that Christie called for last February. The state's senate and assembly, both of which are controlled by Democrats, traditionally recess in July and August.

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