Business Report: Proposed budget, pension payment, stimulus package

Business groups react to Gov. Murphy's proposed budget

Business groups in the state, reacting to the nearly $45 billion budget proposed by Gov. Phil Murphy for the next fiscal year, are pleased the budget contains no new taxes or fees. The New Jersey Business & Industry Association is giving the administration credit for increased spending on education, innovation, infrastructure and small businesses.

The Chamber of Commerce also applauds the state’s investments, but president and CEO Tom Bracken thinks a planned $6.4 billion public pension payment is too high. He would prefer to see some of that money being used to address the state’s economic crisis. State Treasurer Elizabeth Maher Muoio says making the full pension contribution is the right move, noting the failure of prior administrations to do that has hurt the state financially.

In Washington, the House is expected to vote on a new COVID-19 relief package on Friday. The $1.9 trillion package includes more money for unemployment, health care and hard-hit industries. The legislation also includes $1,400 in direct payments to Americans.

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