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New Jersey Unveils Record $60.7 Billion Budget Proposal

3/11/2026

35 8 Full Breakdown

Summary

Story summary

New Jersey Governor Mikie Sherrill unveiled a $60.7 billion budget proposal, the largest in state history.
The plan closes a projected $3 billion deficit without raising taxes.
The budget would allocate $12.4 billion to K-12 education.
The plan includes full pension funding.
It cuts the Stay NJ program, and negotiations will continue until July 1 amid tensions over spending cuts and tax adjustments.

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Story summary

New Jersey Governor Mikie Sherrill unveiled a $60.7 billion budget proposal, the largest in state history.
The plan closes a projected $3 billion deficit without raising taxes.
The budget would allocate $12.4 billion to K-12 education.
The plan includes full pension funding.
It cuts the Stay NJ program, and negotiations will continue until July 1 amid tensions over spending cuts and tax adjustments.