A balanced budget must be signed by June 30 to take effect in July.
Democratic New Jersey lawmakers are planning to introduce a budget plan with full pension contributions for public sector workers and an income tax hike for households with incomes of at least $1 million.
State Assemblyman John Burzichelli says the plan was hashed out between Democratic members of the Assembly and Senate and that it will be considered Tuesday by the Assembly's budget committee.
The state is required to have a balanced budget signed by June 30 to take effect on July 1.
If the Democrat-controlled Legislature adopts its plan as it stands now, Republican Gov. Chris Christie is likely to apply line-item vetoes.
His proposal calls for slashing contributions to public worker pension funds and he opposes an income tax increase.