On Monday, a four-member legislative committee approved a record-setting $4.5 billion of new debt to make up for cratering tax revenue amid a global pandemic and shattered economy, paving the way for Gov. Phil Murphy to now approve the state’s Fiscal Year 2021 budget.

The bonds will be used to cover expenses for the next nine months: Between Oct. 1 and June 30, 2021, as part of a broader $32.7 billion spending plan for the state. The new debt can be issued without voter approval.

“It’s unfortunate we’re in this situation, but we’re in a place and a time where it’s not a New Jersey that I’m used to,” Senate President Stephen Sweeney, D-3rd District, and a member of the committee, said at the Monday afternoon meeting.

Sweeney, along with the other members, Assembly Speaker Craig Coughlin, D-19th District, Assembly Budget Chair Eliana Pintor-Marin, D-29th District and Senate Budget Chair Paul Sarlo, D-36th District, all approved of the borrowing plan.

“It’s revenues from borrowing that will allow us to be prepared as a state to continue to fund the most critical portions of government,” Sarlo said. “We’re hopeful that federal funds will come in, especially after we get through a presidential election … those monies should be applied to pay back this debt.”

It comes out to half a billion dollars more than what Gov. Phil Murphy initially asked for, but nonetheless agreed to and plans to approve.

He has until midnight on Wednesday to sign the budget, which he’s pledged to do so “as is.”

The spending plan moved through Trenton seamlessly last week, with opposition coming just from Republican lawmakers, and not from legislative leadership, made up of Democrats.

Under the resolution being considered Monday, a sizable chunk of the money will come from a Federal Reserve program meant to prop up the finances of struggling state and local governments whose finances have taken a hit because of the pandemic.

Those will be paid back over three years, with interest rates slated to be between 2.19 percent and 6 percent. Meanwhile, bonds being issued to the public market will take 12 years to pay back, with interest rates between 2.5 percent and 6 percent.

Here’s the proposed breakdown of the spending:

Department of Education

• Equalization Aid: $2,331,796,000
• Nonprofit Education Nonpublic Security Aid Per Pupil Increase: $3,250,000
• Education Grants for After School & Summer Activities for At-Risk Children: $1,000,000

Department of Children and Families

• Children & Families Children’s System of Care In-Home Behavioral Health Services: $61,934,000

Department of Corrections

• Corrections Earn Your Way Out Act: $5,917,000

Department of Health

• Health Hospital Subsidies – Graduate Medical Education: $163,350,000
• Health Health Care Subsidy Fund Payments: $51,715,000
• Health Maternal, Child and Chronic Health Services: $34,359,000

Department of Human Services

• Human Services – Medicaid – Medical Day Care: $45,000,000
• Human Services – Division of Developmental Disabilities (DDD) – Individual Supports & Community Programs $314,408,000
• Human Services – Division of Mental Health and Addiction Services (MHAS) – Mental Health Community Care & Case Management Services: $241,242,000
• Human Services – Division of Family Development (DFD) – Substance Use Disorder Initiatives: $15,012,000
• Human Services – DFD – Work First New Jersey Support Services: $11,534,000
• Human Services – DFD – Work First New Jersey Work Activities $8,350,000
• Human Services – DFD – Code Blue $2,500,000
• Human Services – DFD – Supplemental Security Income (SSI) Attorney Fees $1,367,000

Department of Law and Public Safety

• Law & Public Safety State Police Non-Salary Operating Expenses: $31,260,000

Office of the Secretary of Higher Education

• Higher Education Senior Public Colleges Operating Aid & Outcomes Based Allocation: $394,973,000
• Higher Education Tuition Aid Grants: $334,887,000

New Jersey Transit

• NJ Transit Subsidy: $386,146,000

Department of Environmental Protection

• Environmental Protection Drinking Water Infrastructure: $60,000,000

Editor’s note: This story was updated at 3:13 p.m. EST on Sept. 28, 2020, to reflect the passing of the debt by and include remarks from members of the legislative committee.