Gov. Phil Murphy wants a plan in place to borrow billions without voter approval; now legislators are ready to sign off one to make that happen. A revamped version of emergency-borrowing legislation is set to go before lawmakers for the first time Tuesday.
The revamped bill, according to a draft obtained by NJ Spotlight, makes a series of significant changes to the original borrowing legislation that cleared the Assembly last month but stalled in the Senate. Murphy has pressed for the borrowing bill, saying it’s needed to offset the economic losses triggered by the coronavirus pandemic.
This version of the bill is expected to be approved by the Democratic-controlled Senate Budget and Appropriations Committee since it was drafted to reflect a deal negotiated last week between Murphy, a first-term Democrat, and Senate President Steve Sweeney (D-Gloucester).