TRENTON, N.J. — New Jersey Gov. Chris Christie yesterday unveiled his first budget proposal, a $29.3 billion plan for fiscal 2011 that is $2.9 billion smaller than the current budget and fills a $10.7 billion deficit.

The deficit takes into account not only immediate but also future retirement costs of more than $3 billion. The state has historically delayed making annual allocations to meet a portion or all of its future pension liabilities.

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