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.

New Jersey faces a cash shortage next month, with $2.6 billion due on tax- and revenue-anticipation notes, or TRANs, and just $2.2 billion on hand. The 51-year-old Republican, a potential 2016 presidential candidate, has refused to raise taxes to remedy three straight years of missed revenue.