$54.3 Billion in New Jersey State Budget Signed by Governor Murphy

Governor Phil Murphy recently signed the New Jersey state budget worth $54.3 billion. Reports say the amount is almost $1 billion more than what Murphy initially proposed earlier this year.

On June 30, Democratic Governor Phil Murphy signed the New Jersey state budget of $54.3 billion, increasing the spending by 7% from 2022. Under the New Jersey state budget, Murphy pledges to increase education funding, fully sponsor the state’s public pension, administer a new but partially funded property tax relief for seniors, and more than $8 billion in surplus.

According to Catalini, Murphy signed the New Jersey state budget next to other Democratic leaders in the newly renovated statehouse rotunda. Murphy commended the New Jersey state budget as the fulfillment of his pledge to start his second term dealing with affordability.

READ ALSO: $250 Payments From Guaranteed Income Pilot Program In New Jersey— See Who Qualifies!

Stances on the New Jersey State Budget

An article in The New York Times states that the Democrats commended the New Jersey state budget as fiscally responsible. Furthermore, the Democrats view the New Jersey state budget as a deviation from the previous Republican administration whose state budget was almost $20 billion under the same legislation.

Nonetheless, there are Republicans who supported the New Jersey state budget despite not speaking during the debate and several others referring to treasury reports. These Republicans indicated a decrease in the revenue from taxes for the previous month and an increase in spending over the past several years.

READ ALSO: Property Taxes Set To Be Cut In Half For Most Senior Homeowners In New Jersey