New Jersey Supreme Court approves Chris Christie's pension cuts

On Tuesday, New Jersey's Supreme Court decided to allow Gov. Chris Christie's hefty cuts to the state's public pension system, reversing a lower court ruling.

Last year, because of a revenue shortcoming, Christie slashed $1.6 billion in state contributions to the pension system, which is already woefully underfunded.

In deciding whether pension contractual obligations were entitled to constitutional protections, the court ruled they were not, though it lamented the "staggering" loss of public trust due to unfulfilled promises.

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The favorable ruling is welcome news to Christie, who has struggled to get his presidential campaign off the ground, hindered by his own record with the sluggish New Jersey economy.