After interest-only payments are made in 2021 and 2022, yearly payments are expected to be slightly more than $500 million for the 10 years that follow.
The state plans to borrow $4.5 billion to balance its budget and boost its surplus to $2.5 billion. Spending is higher than Gov. Phil Murphy had pitched.
Senators question state labor commissioner on the pandemic response by the unemployment system but are sympathetic to the surge swamping an old system.
Bill would let local governments borrow up to 30% of their budget and repay it over 10 years without needing permission from local voters or the state.