NJ Governor Proposes $58.1 Billion Budget That Cuts Spending (1)

New Jersey Governor Phil Murphy is looking to rein in spending as his administration sees “more risk” to its relationship with Washington.

On Tuesday, he unveiled a $58.1 billion blueprint for the fiscal year that begins July 1 that caps new discretionary spending. Murphy’s budget proposal for his final term also increases funding for the state’s public transit system and contributes $7.2 billion to its underfunded pensions.

His budget relies on $27.9 billion of federal funds. The Trump administration’s move in January to pause federal loans and grants caused panic, though a judge issued a long-term block on the plan ...