Revenues just keep underperforming in New Jersey as officials yesterday announced that a $32 billion fiscal 2009 budget now has a $3.6 billion deficit, due in part to sluggish January collections that came in $526 million below projections.

Along with lower-than-anticipated revenues, the state will need to spend an additional $800 million for necessary programs, such as augmenting its unemployment insurance trust fund in order to hold off mandatory tax increases to employers. Last month, the state pegged its budget shortfall at $2.1 billion.

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