"Gov. Murphy Secures Controversial $54.3 Billion Budget to Cement Legacy"

New Jersey Governor Philip D. Murphy signed a $54.3 billion budget, a 7% increase from last year's, aiming to burnish his legacy as a prudent money manager while addressing social justice initiatives. The budget includes more funding for public schools, doubles the child tax credit, and expands property tax relief programs. However, critics argue that the reduced corporate tax rate and the StayNJ program, which cuts property taxes for older residents, are unsustainable tax cuts for the wealthy. The budget comes ahead of the state legislative elections in November and includes a record $8 billion surplus, but economic headwinds and the fine-print details of the spending plan may make additional credit upgrades harder to achieve.