State lawmakers on Monday huddled with the Department of the Treasury a day ahead of Governor Phil Murphy’s scheduled unveiling of his 2021 budget, a document bulked by a proposed $4 billion in borrowing, and overshadowed by the COVID-19 crisis and its grim economic consequences.

In the briefing, elected officials received more detail about budget initiatives the governor plans to advance tomorrow, including a millionaire’s tax, extension of the corporate business tax, a proposed boat tax, and some other small targeted taxes, including the cigarette tax, according to a source on the call.

The governor’s address – six months after he rolled out a $40.9 billion spending plan jarred by succeeding events – came amid continuing anxieties over the COVID-19 virus and its effects, gnawing away at the state and the country. Trying to position the state to be able to pay its bills, Murphy championed a new law that he signed last month, which gives the state preliminary authorization for up to $9.9 billion in borrowing, including $7.2 billion in the 2021 fiscal year.

Murphy’s budget includes $4 billion in new borrowing out of the $9.9 billion authorized last month.

“It appears the $4 billion will get us there,” said a source.

Anticipating hardships in connection with the budget, Murphy’s allies didn’t hesitate to place at least some significant blame on the feds.

“I am hopeful that NJ Transit will make up the difference when we get our stimulus money from the feds,” said Ray Greaves of the Amalgamated Transit Union. “It’s really important. We’re going to be seeing some across the board cuts in the state. When we receive these anticipated federal dollars, NJ Transit will not be forgotten. NJ Transit will continue to be the priority.”

Greaves noted that he remains very hopeful of federal stimullus dollars arriving in time to help New Jersey shoulder its budget season.

“We are in desperate need of help,” he said.

Murphy is also expected to continue his salvo against the Republican-controlled U.S. Senate and Senate Majority Leader Mitch McConnell (R-KY).

But it won’t be enough to assuage even those members of Murphy’s party here aware of fragile economic conditions. Veteran Assemblyman Ralph Caputo (D-28) in particular expressed worries about the impact of the governor conditionally vetoing the state bonding bill and allowing municipalities to bond on their own.