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.
State gas taxes in New Jersey will rise to 50.7 cents per gallon. Gas consumption is down in the COVID-19 recession, triggering a hike under a state formula.
New Jersey could borrow as much as $14 billion to help replenish its budget and those of some counties and municipalities hit hard by the coronavirus pandemic.
New Jersey commuters who used to cross a river into New York or Philadelphia but have been working from home could yield an unexpected windfall for the state.
New Jersey and Illinois are the two states whose budgets are in the weakest position should a recession materialize, according to Moody's Investors Service.