From revenue shortfalls to a pinched pension system, the fiscal woes facing the state of New Jersey are so serious that if not dealt with swiftly, it could "eat us alive," Gov. Chris Christie told CNBC on Tuesday.
The Republican governor appeared on "Squawk Box" the day after signing the state's budget, in which he vetoed more than $1 billion in tax increases that he said would only serve to drive families and businesses out of the state.
"I have a constitutional requirement to balance the budget and I have a state that's already high-taxed and I'm not going to raise taxes on the people in the state of New Jersey and drive more people out," said Christie.
New Jersey's pension funds seemed to be the biggest concern for Christie, however. He plans to make a $681 million payment to the state's pension funds, which will cover the costs of benefits earned by active employees during the year.
In the next fiscal year, New Jersey's pension system will reach a "tipping point" to where it will pay more for retiree health premiums than active employees, a first in the state's history and "unsustainable," the governor said.