*This story was updated Friday afternoon, when the Supreme Court issued an order taking up the lawsuit challenging the borrowing bill. 

On Thursday Gov. Phil Murphy signed a controversial measure authorizing the state to borrow up to $9.9 billion to plug a massive revenue shortfall resulting from the pandemic-induced lockdown that had shut off many tax revenue streams since early March. An expected lawsuit challenging the legislation quickly followed, and on Friday the Supreme Court announced it will exercise jurisdiction over the matter and hear arguments early next month.

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