$9.9B Borrowing Bill OK’d by Legislature, Signed Into Law by Gov. Phil Murphy

Ambassador Murphy and cardboard President Obama. That shirt looks familiar

Last-minute bid for changes to legislation fails; some lawmakers sought to ensure Black and Latino representation on panel that will review borrowing proposals 

By JOHN REITMEYER , NJSpotlight

Despite passionate calls to add diversity to the process, the Legislature sent Gov. Phil Murphy legislation Thursday that gives a panel of four state lawmakers power to determine the fate of up to $9.9 billion in emergency borrowing.

Hours later, Murphy, a first-term Democrat, announced he signed the borrowing legislation as part of his administration’s ongoing response to the coronavirus pandemic and revenue shortfalls it has triggered.

“While this is by no means a silver bullet, the ability to responsibly borrow is essential to meeting our fiscal needs in the coming year,” Murphy said in a statement.