Governor Phil Murphy to Unveil Second Budget

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TRENTON, N.J. -

Governor Phil Murphy is set to unveil his second budget in a joint session before lawmakers.

The first-term Democrat is scheduled to deliver his budget speech Tuesday before the Democratic-led Assembly and Senate.

The current year's $37.4 billion budget runs until June 30 when Murphy and lawmakers must enact a new, balanced spending plan.

Murphy's first budget resulted in more funds for education, New Jersey Transit and the public worker pension. It financed those increases through higher income tax rates on people making more than $5 million a year.

It also hiked rates on businesses earning more than $1 million annually.

Murphy has called for further spending increases, but legislative leaders have said they won't support higher taxes.

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