Over the strong objection of state unions, New Jersey Gov. Christine Todd Whitman yesterday signed a fiscal 1995 budget that relies on $1.3 billion in pension fund cuts to pay for a promised income tax reduction.

Whitman said her budget marks only the third time in the past 40 years that spending in the new budget is lower than in the previous year.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.