TRENTON, N.J. (CBSNewYork) -- New Jersey Gov. Phil Murphy signed a $32.7 billion budget plan Tuesday.
The spending plan goes into effect Thursday and keeps state government operating until June 30, 2021.
It calls for raising taxes on the wealthy and businesses.
The budget also authorizes $4.5 billion in new debt that the governor says is necessary to keep state finances solvent.
"We crafted this budget as we fought this pandemic together. This is the ultimate walk-and-chew-gum moment, and we rose to meet it. We may have had some differing viewpoints and frank discussions, but our shared vision and common goal and preparing our state for a stronger, fairer and more resilient post-COVID future remained steady," Murphy said.
After signing the budget, Murphy tweeted, calling for the legalization of marijuana in New Jersey.
The question will be in the ballot for voters to decide on Election Day.
You can get the latest news, sports and weather on our brand new CBS New York app. Download here.
for more features.