Budget Agreement Reached...

Budget Agreement Reached...

NJ Governor Phil Murphy: ‘There Will Be No Government Shutdown’; Budget Agreement Reached Just Hours Before Deadline


New Jersey’s budget battle is now over. State leaders agreed on an 11th hour deal to keep the government open and funded.

The main sticking point centered on tax hikes to fund the State’s spending plan, but compromise has ended the stalemate, averting a government shutdown.

The state’s Governor Phil Murphy called a late Saturday evening news conference, to announce he and top legislative officials agreed on a budget just four and a half hours before the state budget deadline.

“Today the era of budget gimmicks is ending and the era of a stronger and fairer New Jersey, that works for every family is just beginning,” said Governor Murphy.

Highlights of the agreed state budget include: an increase in the state property tax deduction from $10,000 to $15,000, an increase in public school funding, and a multi-millionaires tax.

“We agree that we must ask the wealthiest of New Jersey [residents] to pay their fair share to allow us to ramp up our school’s funding and property tax relief,” added the Governor.

The multi-millionaire tax would be for those making $5 million or more in the state, and it is projected to generate nearly $300 million dollars for New Jersey.

“We wanted a budget that protected New Jersey taxpayers and made sure that those who received the largest windfall from the Donald Trump tax cuts paid their fair share. I think we’ve achieved,” said Speaker Craig Coughlin (D).

This news conference and agreed state budget comes after weeks of heated debate between the legislature and the Governor, and after hours of top leaders in the Governors office Saturday afternoon.

The Governor jabbed at leaders in Washington when he noted in the end New Jersey’s leaders were able to make something happen.

“As we failed to see in Washington, in New Jersey we reach across the table, we find common ground, and we move forward as one,” said Governor Murphy.

Under this new budget, New Jersey is expected to end the upcoming fiscal year with a surplus of about $750 million.

The legislature is expected to officially vote on and pass the budget Sunday morning.

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