NJ Budget

New Jersey’s Democrat-led Legislature is to vote today on a short-term $7.7 billion budget after extending the deadline later in the year because of the COVID-19 outbreak. The three-month spending plan proposes no new tax hikes and would push several payments, including the required public pension funding, to October.
Gov. Phil Murphy and legislative leaders agreed to extend the current fiscal year until Sept. 30. Previously, it would have ended on Tuesday. The stopgap budget being voted on is required to fill the gap between the spending plan lawmakers enacted last year and the new deadline of Sept. 30.