(Bloomberg) -- New Jersey Governor Phil Murphy and his fellow Democrats in the Legislature have agreed on a state budget, hours before a constitutional deadline, according to a person familiar with the deal.
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Failure to pass a spending plan before midnight, the start of the fiscal year, could have forced a shutdown of state government.
Murphy, who took office in January, had disagreed with legislative leaders over which taxes to increase in order to balance the fiscal 2019 spending plan.
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