A new funding source for New Jersey Transit, investment in tax relief and an affordable housing initiative are among the notable proposals in Gov. Phil Murphy’s $55.9 billion budget.

During his seventh annual address Tuesday afternoon, the governor said that his proposed budget — for the state's 2025 fiscal year — was crafted help make New Jersey more affordable for families.

“At a moment of economic uncertainty and unease, how do we — as a state — move forward?” Murphy said. “New Jersey is prepared to face our challenges — confidently, capably, and ambitiously. And we are prepared, because over the past six plus years — together — we have restored fiscal responsibility while remaining true to our values.“

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