“As with any major spending plan that attempts to satisfy the needs of so many different interests and programs, there is much to appreciate and much to criticize in this budget.

“We applaud the Legislature for working toward a budget that is by-and-large an improvement from what it was handed in February. But at the end of the day, there is another structural imbalance, more than $700 million in additional, last-minute spending and hundreds of millions of dollars in tax increases – particularly for the business community - for one of the highest-taxed states in the nation.

“Obviously, we didn’t get here overnight with a budget that has grown nearly 70% under Gov. Phil Murphy. But it is high time our policymakers look forward with a new approach under a new administration, no matter who our next governor is.

“As stated in our 2025 Blueprint for a Competitive New Jersey, we need structural reforms for our pension and benefits systems. We need more pro-growth spending and fewer one-time gimmicks that give no bang for the buck.

"We need budget policies that make New Jersey more competitive and less anti-business. And we need an improved and more transparent process for how our budget is finalized.

“Absent any of this, New Jersey will continue its solemn march toward a fiscal cliff, with more residents unable to afford to live, work and play here and more businesses unable to sustain or grow. We can do better. In fact, we need to.”