At a media briefing, Democratic Governor Phil Murphy said the state “is out of money” and that it needs the borrowing as well as an influx of federal dollars due to a budget shortfall through 2021 that he cautioned could reach $20 billion.
The Fed’s municipal liquidity facility is an option for a significant portion of the borrowing, according to Murphy’s office. Illinois became the first state to tap the program with a $1.2 billion, one-year loan last month.
Why didn’t they just tax their rich residents?
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