N.J. didn’t need to borrow all those billions, budget ... - nj.com

Apr 6, 2021 · The $4.3 billion projected shortfall has nearly been erased by revenue growth, yet New Jersey remains locked into the billions of dollars in debt it can’t quickly pay back because …

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N.J. Didn’t Need To Borrow All Those Billions, Budget ... - Nj.com

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nj.com

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N.J. Just Eliminated Billions In Debt, But Republicans Say It ... - Nj.com

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Feb 9, 2022 · The fund allocated $2.5 billion for retiring existing debt the state incurred over the years and $1.2 billion to pay for capital construction, avoiding the need for future borrowing on …

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NJ Budget: Taxes, More Debt, Ballooning Pensions And More …

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Sep 11, 2020 · The payment would be over $1 billion more than New Jersey paid the last full fiscal year, and a major reason that Murphy’s budget proposal is so large.

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From Budget Shortfall To Booming Surplus | NJ Spotlight News

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Feb 26, 2021 · Gov. Murphy's predicted dire budget shortfall and emergency $4 billion borrowing has added up to a booming surplus.

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NJ Lawmakers Approve $46.4 Billion Budget. What You Need To Know.

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Jun 24, 2021 · Those shortfalls largely didn't come to fruition, however. Of that $3.7 billion, $2.5 billion would pay off existing state debt, which Murphy administration officials estimated would …

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N.J. Budget Action Ramps Up This Week As Leaders Scramble To

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Jun 20, 2021 · The governor’s February budget proposal would have the state contribute $6.4 billion next year, the largest-single payment in New Jersey history and the first full contribution …

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NJ Budget: Taxes, More Debt And More Undesirable Choices On The …

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Sep 11, 2020 · The payment would be over $1 billion more than New Jersey paid the last full fiscal year and a major reason that Murphy’s budget proposal is so large.

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N.J. Budget With $700M In Tax Hikes And $4.5B In Borrowing

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Sep 24, 2020 · The New Jersey Legislature on Thursday approved a $32.7 billion state budget that relies on $4.5 billion in new borrowing and higher taxes on wealthy households and …

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NJ Budget: Where $4.5B Borrowed Funding Is Set To Go | NJ …

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Sep 25, 2020 · More debt than Murphy asked for The budget agreement between Murphy and the legislative leaders added $500 million to the amount of debt the governor originally requested …

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Murphy To Sign Biggest N.J. Budget Ever, And There’s Plenty

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Jun 29, 2021 · The new state budget plans on $46.4 billion in spending next year, which is $6 billion higher than this year’s $40.4 billion adopted budget. Officials plan to fund the majority of …

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FAQs about N.J. didn’t need to borrow all those billions, budget ... - nj.com Coupon?

What is New Jersey's biggest spending plan?

New Jersey is in an economic recession, short billions of dollars in revenue and planning to cut more than $1 billion worth of programs in spending compared with past years. Despite that, if Gov. Phil Murphy’s proposed 12-month budget is enacted as is, it will be the largest spending plan New Jersey has ever put in place: nearly $40.1 billion. ...

How much debt does New Jersey owe?

New Jersey is one of the most indebted states in the nation, owing $44 billion in taxpayer-backed bonded debt, according to the state's 2019 debt report. That's not counting the pension liability and $76 billion for which the state is on the hook to pay for retiree health benefits in the future. ...

What is the new state budget for New Jersey?

The New Jersey Legislature approved a $32.7 billion state budget that relies on $4.5 billion in new borrowing and higher taxes on wealthy households and corporations to combat the damage wrought by the coronavirus pandemic recession on state income. ...

Is New Jersey running out of money?

After increasing spending to record levels every year since he took office, Gov. Phil Murphy is now warning New Jersey is running out of money. He has rejected such talk for years, but Murphy has reportedly ordered his cabinet members to freeze some state workers raises, put a hold on new hires and find ways to cut departmental budgets. ...

How much will New Jersey budget surplus be reduced by 2025?

But even as overall spending creeps closer to $60 billion, an opening surplus of $8.25 billion will be reduced to $6.125 billion by the end of the 2025 fiscal year, according to an updated budget sheet obtained by NJ Spotlight News through an open public records law request. ...

Do New Jersey projects need federal reimbursements?

Billions of dollars of projects underway in New Jersey will need federal reimbursements to stay on time and continue, including the $16 billion Gateway project to build a new two-track rail tunnel from North Jersey into Manhattan beneath the Hudson River. ...