Governor Corzine will give his third annual State of the State address today as New Jersey faces its greatest fiscal crisis in generations.

Corzine plans on conveying a sense of optimism. That message will come amid sliding tax revenues, growing deficits, and an ongoing home foreclosure crisis. Corzine will cite evidence that, after billions in new spending, public schools are improving, as noted in a recent Education Week national analysis, which gave the Garden State's K-12 public schools an "A minus."

Corzine's appearance before the full legislature comes at a time when he needs lawmakers' approval to put off his legally required annual budget address so that he can plug in an anticipated Federal bailout from the Obama Administration.

Corzine also needs legislative buy-in on his proposal to let local governments forgo $500 million in required public pension payments to avoid eye-popping property tax hikes, just as he seeks his second term.