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New Jersey debt: COVID-19 bond sales could add big amount to state borrowing totals

from NJ Spotlight

Already one of the nation's most indebted states, New Jersey could do more than a decade's worth of borrowing within a year under a new law that authorizes selling bonds to fund the budget during the coronavirus pandemic. The COVID-19 borrowing law, enacted by Gov. Phil Murphy last week, allows for up to $9.9 billion in bonds to be issued without voter approval between now and the middle of next year to make up for revenue losses triggered by the health crisis. more


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