The Assembly budget committee held its first meeting Monday to begin negotiations over Gov. Phil Murphy's $48.9 billion proposed budget.
proposal is the biggest in state history, but some say it doesn’t do enough to help New Jersey’s most vulnerable populations.
The issues of affordability and high inflation came up several times throughout the hearing, which lasted about four hours. And much of the testimony highlighted the ongoing struggles of many low-income households and small businesses across the state. “There are still many businesses struggling to get back to pre-pandemic levels, as they wrestle with issues such as increased business costs and inflation, supply chain delays and a workforce shortage,” Egenton said.
Meanwhile, state tax revenues are soaring and blowing past expectations for the second year in a row. With questions lingering over how sustainable the recent surge in revenue is, decisions made by state leaders this budget season could have significant ramifications for New Jersey’s ongoing recovery and the future of the state economy.
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