Lawmakers question Murphy team on whether NJ needed $4B of new debt April 6, 2021
2:00 pm
Republican lawmakers said April 6 they are taking aim at the Murphy administration over the more than $4 billion the state borrowed to make up for lost revenue from the pandemic after revelations that the state may have likely needed very little of those funds.
Democratic lawmakers, who hold significant majorities in both chambers of the state Legislature, also want to dig deeper into the state’s dire predictions and see to what extent the $4 billion of debt was an appropriate response.
Last year, Gov. Phil Murphy was able to push plans forward allowing the borrowing of more than $4 billion, with the goal of using the funds to pay for expenses incurred by the COVID-19 pandemic.