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Credit: (AP Photo/Steven Senne) File photo To keep unemployment benefits flowing while it faced a historic demand for help, New Jersey has relied on an interest-free loan of more than $1 billion from the federal government. But the zero-interest part is due to change later this year, unless action is taken in Washington, D.C., providing some urgency to come up with a plan to pay down the unemployment debt before the interest charges come due. Now some lawmakers and business-lobbying groups are making the case for using a portion of the more than $6 billion that New Jersey is waiting to receive from the federal government’s recently enacted American Rescue Plan Act. ....
TRENTON – New Jersey’s budget is balanced in part through nearly $4.3 billion from emergency borrowing authorized in response to the coronavirus pandemic, but a nonpartisan budget analyst says it’s now clear that wasn’t necessary. At a Senate budget committee hearing Tuesday, Thomas Koenig, the Office of Legislative Services’ budget and finance officer, said the borrowing was defensible at the time the budget was adopted in September. “But from today’s vantage point, the borrowing was not essential to balancing the FY21 budget,” Koenig said. Koenig said that without the borrowing, the state’s surplus would have fallen by only $165 million since Oct. 1 and remain slightly above $2 billion. Revenue forecasts have been upgraded by $3.4 billion, and the budget counts on $1.1 billion in lapses, helping build a surplus of $6.4 billion – over 15% of spending. ....
Credit: (AP Photo/Seth Wenig) File photo: New Jersey State House Important bills fast-tracked with key amendments inserted at the last minute. Hearings that start late but stick to tight time limits for public testimony. Consequential policies issued via executive order, first announced on social media, and not made available to the public until hours later. Governing practices like these have become commonplace in New Jersey, fostering concerns about the effectiveness of new laws and other important public policies enacted amid the ongoing coronavirus pandemic. Airing those concerns recently were two influential state policy advocates who rarely are on the same side of any debate in New Jersey. ....