New Jersey Gov. Phil Murphy praised a budget that includes $4.5 billion in new borrowing from the federal government and an additional tax on income over a $1 million.
The budget pitched by Murphy in August was $32.4 billion, but an additional $300 million was added by majority Democratic lawmakers after a compromise was reached with Murphy, bringing the amount to $32.7 billion.
Murphy can borrow an additional $500 million from the federal government under the new spending plan. Faced with heated criticism from Republicans, the governor justified the increase at his news conference Wednesday, comparing the economic crisis to the 1860s and 1930s.