New Jersey’s Treasury Department yesterday announced that tax collections came in $190 million below prior estimates for the first quarter of fiscal 2010 — 3.1% lower than expected. Officials identified $205 million of immediate spending cuts to offset lagging receipts. 

In addition, Gov. Jon Corzine directed his administration to find another $200 million of spending reductions by Dec. 1, for a total $405 million of budget cuts.

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