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  • N.J. to borrow billions to help avert public worker layoffs after Murphy, top Democrats cut deal

    07/11/2020 7:13:16 PM PDT · by Coleus · 29 replies
    Star Ledger ^ | 07.11.20 | Brent Johnson,Samantha Marcus, Sophie Nieto-Munoz
    Gov. Phil Murphy and his fellow Democrats who lead the state Legislature agreed to a plan Friday that would allow New Jersey’s state government to borrow up to nearly $10 billion to help make up massive losses in tax revenue wrought by the coronavirus pandemic. Almost immediately, top Republican leaders announced they plan to file lawsuits to prevent the move, calling the plan “clearly unconstitutional.” Murphy said New Jersey is facing possibly a $20 billion hole in its state budget, and borrowing is one of a few necessary moves the state needs to take balance the budget and avoid widespread...