TRENTON, N.J. (AP) — New Jersey has collected $451 million less in taxes and fees than it anticipated through November, jeopardizing Gov. Chris Christie's tax cut proposal and increasing the likelihood of midyear budget cuts, a legislative budget analyst said Thursday.

The state's major revenue streams are anemic five months into the fiscal year and the sales tax is particularly lethargic, accounting for $179 million of the shortfall, David Rosen told the Senate Budget Committee. If the essentially flat growth rate seen since July 1 continues through June, more than $2 billion in late-year budget cuts would be needed.

But Rosen said the state is likely to rebound somewhat in coming months, in part because of increased construction in the wake of Superstorm Sandy. However, he said, he wouldn't be surprised if the state finishes the fiscal year about where it is now, $700 million shy of the administration's target. (The state carried over from the prior fiscal year about $250 million less than anticipated, which comes on top of the current year-to-date shortage.)