Democrats, meanwhile, argued borrowing would be necessary to avoid agonizing cuts to local school aid.”If the courts do not rule in our favor, I’m going to be looking to each and every one of you to come up with real solutions of where you’re going to come up with $9 billion,” Sen. Paul Sarlo, D Bergen, told lawmakers in July. „Nobody has told me yet how they’re going to come up with that.”Months of virus fears, stay at home orders that limited retail and dining, and record high unemployment have taken a toll on the sales, income and corporate business taxes.Treasury won’t release new revenue estimates until the governor unveils his proposed budget later this month, but budget experts are anticipating a rosier forecast.Murphy’s administration also has not said how much it intends to borrow, only that „Our intention is to borrow only as much as absolutely necessary,” Treasurer Elizabeth Muoio has said.
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