Gov. Phil Murphy delivered a revised fiscal year 2021 budget on Tuesday that calls for raising about $1 billion in new taxes—including a millionaire’s tax—$1.25 billion in spending cuts across all state government, and $4 billion in emergency borrowing to meet revenue shortfalls caused by the pandemic, to get the state through the next nine months.

Under the slimmed-down budget, the state is looking to collect increased taxes on boat sales, firearms, packs of cigarettes, and limousine rides, among other items, while the $4 billion in borrowed funds represents less than half of the $9.9 billion in borrowing authorized by legislation that state Republicans sued Murphy to stop earlier this month, and which the state Supreme Court approved.

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