New Jersey lawmakers advance $56.6 billion budget, hiking taxes on businesses aiming to help transit

TRENTON, N.J. (AP) — New Jersey lawmakers unveiled and advanced on Wednesday a $56.6 billion budget, up 4.2% over the current year’s spending plan, hiking taxes on high-earning businesses and allocating billions for education and transit among other items.

The spending plan was introduced and passed by the Democratic-led Senate budget committee late Wednesday after legislative leaders and Democratic Gov. Phil Murphy held behind-the-scenes talks. It comes just four days before a constitutional requirement to pass a balanced budget by July 1.

The budget committee’s Assembly counterpart is set to take the spending plan up later, setting up a final vote this week. Republicans, who are in the minority, tore into the budget. GOP Sen. Declan O’Scanlon called the state’s spending a “runaway freight train of expenditures.”

Murphy’s office declined to comment on the budget Wednesday. Senate Budget Committee Chairman Paul Sarlo said the spending plan was part of a deal reached earlier in the week. He praised what he called the largest surplus he’s seen in his years in state government, at $6.5 billion, as well as full funding for the public pension and the state’s K-12 funding formula.

“No budget is ever perfect,” Sarlo said. “There’s a lot of give and take.”

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