TRENTON, N.J. (CBSNewYork/AP)New Jersey Gov. Chris Christie signed a new budget into law Friday, but not before making big cuts from the bill.

As WCBS 880’s Levon Putney reported, Christie said, “We’ve line-item vetoed over $1.6 billion in spending,” as he signed the spending plan of almost $34 billion into law.

Christie rejected the Democratic-controlled Legislature’s call for a corporate business surcharge and an income tax increase.

“Now is not the time to drive jobs out of New Jersey,” Christie said.

Christie said the Mercedes-Benz USA headquarters left the state in January because taxes are too high.

Christie also conditionally vetoed the Democrats’ millionaires’ tax, but is asking the Legislature to approve an increase in the earned income tax credit from 20 percent to 30 percent.

He called it “a 50 percent tax cut for the working families.”

Assembly Speaker Vincent Prieto (D-Secaucus) said in a statement that he expects the changes to go through, given that Christie has been rejecting their offer for years to increase the credit.

Christie signed the budget on Friday ahead of a deadline for enacting the budget on Tuesday — the same day he is expected to announce a run for the Republican nomination for president, according to several people familiar with his political plans.

(TM and © Copyright 2015 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2015 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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