$1.2B budget hole greets Gov. Christie

TRENTON (AP) — New Jersey Gov. Chris Christie is faced with a $1.2 billion budget hole on his first full day in office.

Christie says he learned of the shortfall in the current state budget just after taking office on Tuesday. He sarcastically called the deficit a "parting gift" from former Gov. Jon Corzine.

The new governor says he'll meet with his new Council of Economic Advisers on Thursday to figure out how to close the gap in the budget that extends through June 30.

Layoffs and furloughs have not been ruled out.

Christie says the cash-strapped state soon could have trouble making payroll.

The shortfall is the result of lower than expected tax collections and added spending.

Corzine identified more than $800 million in cuts to correct for a shortfall earlier this year.

Christie got to work straight away on his first full day in office by signing nearly a dozen executive orders.

Spokeswoman Maria Comella says the governor will establish a council of economic advisers, a red tape review commission, and will freeze various regulations and unfunded mandates as he promised to do during the campaign.

Christie was sworn in as New Jersey's 55th governor on Tuesday. His running mate, Kim Guadagno (GWAH'-dah-noh), was sworn in as the state's first lieutenant governor.

Meanwhile, New Jersey voters surveyed say the state's new governor needs to cut state spending.

A Quinnipiac University poll out Wednesday finds voters want Christie to reduce the cost of government. That includes layoffs or furloughs for public employees.

Some 97 percent identified New Jersey's fiscal difficulties as "somewhat" or "very" serious. However, nearly two-thirds are optimistic about having Christie as governor.

The poll also showed disdain for the Legislature. Just 15 percent believe it has the courage to make unpopular budget choices.