NJ Governor: More Budget Cuts to Come

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New Jersey Governor Jon Corzine used his third annual State of the State address to give a spirited pep talk, during what he called the worst national recession since the Great Depression. He says New Jerseyans are tough, and are "fighting back."

CORZINE: Our determination remains strong--our drive is undiminished--our work ethic knows no bounds. We are a creative, '"can do" people, who with fortitude and spirit, will work through today's challenging times.

REPORTER: Corzine, who faces re-election this year, told the State Legislature that declining tax revenues would mean more budget cuts this year, and next year.

He asked lawmakers to let municipalities defer one-half-billion dollars in public employee pension contributions, saying it would keep property taxes down.

Corzine, a Democrat, took a veiled swipe at the outgoing Bush Administration, saying that President-Elect Obama's inauguration next week means New Jerseyans will "thankfully" have a partner in Washington.

State Republicans say Corzine hasn't done enough to staunch state spending, and that he's failed to improve New Jersey's business climate.