State lawmakers pass bill authorizing $10B in borrowing to plug budget gap

The New Jersey Legislature has passed legislation authorizing Gov. Phil Murphy to borrow nearly $10 billion to plug budget holes he says stem from the coronavirus outbreak.

The measure passed the Assembly Thursday after about two hours of debate. The bill passed earlier in the day in the Senate and now goes to the governor for approval.

Murphy has said he will sign the measure. He says the borrowing is needed to support public workers, first responders, education aid and other services. But exactly how the money would be spent is yet to be determined.

Some Republican lawmakers were opposed to the plan, saying that $10 billion is too much to borrow and could lead to the raising of taxes.