Christie reaches deal to raise gas tax for transportation

TRENTON, N.J. (AP) -- Gas taxes in New Jersey would go up 23 cents per gallon under a deal reached between Republican Gov. Chris Christie and Democratic leaders.
Christie announced the eight-year deal which would also eliminate the estate tax and cut the sales tax Friday afternoon. He held a statehouse news conference with Senate President Steve Sweeney and Assembly Speaker Vincent Prieto. 
The deal to raise $2 billion a year still needs approval in both houses of the Legislature.
The estate tax would be phased out over the next year and a half and the sales tax would be cut by 3/8ths of a percentage point. There will also be tax credits for veterans and the working poor.
It would be the first gas tax hike since 1988.
Christie had ordered a shutdown of most transit projects earlier this summer. 
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