For several months, Governor Phil Murphy has demanded that the federal government provide significant funding to help New Jersey get through the economic crisis precipitated by the coronavirus pandemic. On Wednesday, Governor Murphy reiterated the need for more federal funding and said he opposed a proposed stimulus from Republicans in the US due to its lack of funding for states.

However, New Jersey has barely spent any of the money already provided to it by the US government. As of Wednesday, New Jersey spent under 3% of the $2.4 billion it received in the previous stimulus bill.

According to the state, of the $2.4 billion it received, New Jersey had spent $229 million on state needs and has allocated another $51 million for various spending purposes. That means New Jersey still has $2.12 billion – or 97.7% of the funds – sitting in the bank that hasn’t been spent or allocated for spending.

Just last week, the Legislature passed – and Governor Murphy signed – a bill that would allow the state to borrow $9.9 billion in funds that Democrats say is necessary for New Jersey to keep its financial footing. But, as Republican Senator Anthony Bucco said, “$2.1 billion of federal CARES Act block grant money sits in Treasury accounts today.”

The figures have led some Republicans to accuse Governor Murphy of hoarding money that they don’t actually plan on using, a claim that Murphy has denied.