A select commission of four state lawmakers has given Gov. Phil Murphy’s administration a final signoff to issue $4.5 billion in new debt without voter approval to help finance the state budget, according to John Reitmeyer of NJ Spotlight.

NJBIA’s Chris Emigholz, vice president of government affairs, raised concerns about the scope of the borrowing, which represents more than 10% of the total budget.

“We’re worried that the more borrowing you do, the less opportunity you have for spending on education, workforce (development), infrastructure, NJ Transit, innovation, things that we know will help our economy and help our businesses that are hurting right now,” Emigholz said.

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