By David Madden

TRENTON, N.J. (CBS) – New Jersey tax revenues are below what the Christie Administration had expected for the month of July, which could mean trouble for the state budget as well as proposed tax cuts.

The Governor’s office expected the state to take in $322 million last month. The take was more like $304 million.

That might not sound like a lot in the overall economic scheme, but there have been problems with overly optimistic economic projections from both Christie and legislative Democrats for more than a year.

“The Governor would like to cut taxes to some degree and he was talking, to some extent, about raising spending.  But this is going to make it much more difficult,” Rider University finance Professor Maury Randall said.

Pair that with an unemployment rate not seen in 35 years and Randall believes the state needs a major shot in the arm to improve the lingering perception that New Jersey is not a business-friendly state.