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"No credible forecast suggests that future rates of growth of the U.S. economy will be sufficient to close these deficits without significant changes to our fiscal policies," he said in a prepared statement.
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"I've worked for two years to close deficits, $10 billion deficits, which was all the money in the world," the governor said at an afternoon news conference.
Will these proposals close the deficit?
"Ed Miliband promised a plan to close the deficit.
But everyone also knows that we'll need to do more to close the deficit.
Tapping the rich to close the deficit is "not class warfare", argues Mr Obama.
That means more spending cuts would be necessary to close the deficit.
Hoping to close the deficit gap, Mr Corzine has already cut $2.5 billion in spending.
At the same time, neither is able to say how otherwise he would close the deficit.
But none of the $735 million would go to close the deficit.
Don't expect that any one program can close the deficit, though.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com