New Jersey Gov. Chris Christie. (AP Photo/Mel Evans)

May 21 (Bloomberg) — New Jersey Governor Chris Christie said he’ll reverse course on promised pension contributions this year and next, cutting back to balance the budget after revenue fell short of his goals by as much as $875 million.

This year’s payment of $696 million will be less than half the planned $1.58 billion, Christie told reporters in Trenton. For fiscal 2015, the payment will be $681 million, less than one-third of the record $2.25 billion he had proposed.

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