New Jersey lawmakers poised to give Murphy power to borrow $5B from federal government

The New Jersey Assembly, by a vote of 52-28, approved a bond-borrowing bill called “reckless” by Republicans and a “necessary step” by Democrats.

The bill passed Thursday would allow Gov. Phil Murphy to borrow up to $5 billion from the federal government to cover budget shortfalls caused by the coronavirus pandemic. The bill still awaits consideration by the state Senate.

Assembly Majority Leader Lou Greenwald said the bill was necessary.

“Securing this funding will help the state meets its obligations to our schools, higher education institutions, municipalities, hospitals and, most importantly, to residents who
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