New Jersey

New Jersey Gov. Phil Murphy proposed a "millionaires tax" and a sales tax increase.

New Jersey lawmakers are tackling legislation that would create an easier path for developers to finance large-scale economic development projects with bonds.

Transportation Secretary Elaine Chao confirmed a report that President Trump lobbied House Speaker Paul Ryan against putting any funding for the project in an omnibus spending bill.

When and if the state actually funds its pension system on an actuarial basis is the key question for New Jersey, analysts said.

The state House approved a $22.5 billion general fund budget that relies on fees and tax increases to fund priorities like pension obligations.

Changes to return assumptions ease short-term budget pressure while lowering funding for the state pension system.

Transportation Secretary Elaine Chao said career employees within her department calculated only a 5% local funding commitment because the two states are relying on federal loan guarantees.

Northeast municipal bond issuance was up 4% from 2016 to $121.3 billion.

The plan calls for up to $55 million of borrowing to fund 2015 state health and pension benefits.

The Port Authority of New York and New Jersey is spending more than $364 million on the tunnel.