Murphy warns boosted school aid plan rests on new revenues

TRENTON, N.J. (AP) -- New Jersey Gov. Phil Murphy warned that a plan to boost aid to schools hinges on a budget deal that has "sustainable" revenues. 

The Democratic governor said Wednesday at a news conference at the Department of Education that "we cannot" have a deal on school funding unless the Democrat-led Legislature sends him "sound" revenues.

MORE: NJ lawmakers advance $36.5B budget, including business tax hike

Murphy has defined that as a hike on income taxes for people earning more than $1 million and an increase in the sales tax from 6.625 percent to 7 percent. Lawmakers instead advanced a $36.5 billion budget that relies on a hike in the corporate business tax for two years. 

The legislators' budget is set for a Thursday vote. Murphy and lawmakers have until June 30 to enact a balanced budget, or faces a government shutdown.

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