The governor boasted about his his “baby bond” proposal during a Wednesday afternoon public event in Paterson, despite reluctance and criticism from both Democratic and Republican lawmakers.

“Let’s not listen to those who say ‘tomorrow, but not today’,” Murphy said. “Let’s be bold, now, when the investment is modest and the potential for our state, and every New Jerseyan we will welcome to our diverse family, is so much greater.”

The proposal calls for a $1,000 savings bond for every New Jerseyean born into qualifying families starting in 2021. A family of four that earns 500 percent the federal poverty level – $131,000 – would be eligible, according to the state treasury.

That newborn, when they turn 18, would be able to access the money. The state treasury estimates 72,000 babies will be born in 2021 to families that would qualify for the state aid, coming out to $72 million.

Murphy argued that the the baby bond program is just the fix to help close the wealth and income inequality gap.

“I don’t want New Jersey to emerge from COVID-19 thinking that just doing the basics is good enough,” the governor said. “I want New Jersey to come away from this pandemic stronger, fairer, and more resilient and hopeful than before.”

Murphy and the state Legislature have until Sept. 30 to agree on a multi-billion dollar budget that would cover expenses through June 30 next year, and account for the damage from the pandemic and its ensuing shock to the national economy.

The spending plan he proposed in late August clocks in at $32.4 billion. 

Since Murphy’s original budget address in February, the COVID-19 pandemic shattered the state economy, shuttering tens of thousands of businesses, forcing 1.5 million New Jerseyans out of work, and evaporating the sales, corporate business and income tax revenues on which the state relies.

Republicans have widely panned the baby bond measure, contending the state simply does not have the money amid a global pandemic where tax increases and billions in borrowing are likely options.

Democrats too, like top budget lawmakers Senate Budget Chair Paul Sarlo, D-36th District, and Assembly Appropriations Chair John Burzichelli, D-3rd District, have suggested the budget should focus on more immediate needs for the near future.

“That sounds very nice, [but] I don’t know if that’s something we’re going to be able to do at this time,” Burzichelli told State Treasurer Elizabeth Maher Muoio during a budget hearing earlier Wednesday, speaking on the baby bonds proposal.

Murphy’s budget for the entire 12 months that the budget would have run comes out to a record-high $40.1 billion, which in addition to this nine month budget, includes a $7.7 billion stopgap budget that keeps the lights on between July 1 through Sept. 30. It calls for $4 billion of borrowing through the Federal Reserve and public markets, and over $1 billion in new taxes and other revenue.

“We have concerns on both sides of the aisle that we have pressing needs today and we need to focus on today,” Sarlo said on Tuesday.

Murphy said baby bonds did not specifically come up during talks with legislative leadership in the Assembly and Senate on Tuesday, only broader budget matters on what the next few weeks of negotiations would look like.