(Bloomberg) -- New Jersey Governor Phil Murphy and his fellow Democrats in the Legislature have agreed on a state budget, hours before a constitutional deadline, according to a person familiar with the deal.
Failure to pass a spending plan before midnight, the start of the fiscal year, could have forced a shutdown of state government.
Murphy, who took office in January, had disagreed with legislative leaders over which taxes to increase in order to balance the fiscal 2019 spending plan.
To contact the reporter on this story: Elise Young in Trenton at eyoung30@bloomberg.net
To contact the editors responsible for this story: Flynn McRoberts at fmcroberts1@bloomberg.net, Stacie Sherman
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