N.J. didn’t need to borrow all those billions, budget analysts say, sparking criticism of Murphy
Updated 3:54 PM;
Today 3:33 PM
Treasurer Elizabeth Muoio appeared before the Senate Budget and Appropriations Committee on Tuesday.David Gard | For NJ Advance Medi
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New Jersey’s nonpartisan fiscal analysts said Tuesday it’s now clear the $4 billion the state borrowed last fall was not necessary to balance the state budget, spurring renewed questioning of whether Gov. Phil Murphy acted in haste.
The state’s revenue and spending projections that led to borrowing were defensible at the time, but “from today’s vantage point, the borrowing was not essential,” Thomas Koenig, revenue and finance office for the nonpartisan Office of Legislative Services, told lawmakers at the Statehouse.