New Jersey lawmakers pass budget, hiking taxes on rich, OK'ing borrowing

State lawmakers have passed a $32.7 billion budget, hiking taxes on millionaires and businesses and authorizing borrowing of up to $4.5 billion to avoid painful cuts stemming from COVID-19′s impact.
The budget passed the Democrat-led Senate and Assembly Thursday and heads next to Gov. Phil Murphy, who’s expected to sign it after recently announcing an agreement with legislative leaders to raise taxes on the wealthy while also providing rebates of up to $500 to taxpayers.
The budget keeps state government running through June 30, 2021. It runs just nine months long because Murphy and legislators cut short the fiscal year because of the COVID-19 outbreak.
Republican lawmakers panned the budget, saying that the raising of taxes will negatively impact New Jersey residents. State Sen. Kip Bateman called the budget a “train wreck,” state Sen. Michael Testa adding, “You can see the orgy of fake pork.”
The Republican lawmakers have said that the budget will cause the wealthy and business owners to move out of New Jersey.
The Associated Press wire services contributed to this report.