New Jersey’s Budget Crisis: Gov. Mikie Sherrill Vows “No Tax Hikes” Despite Looming $3 Billion Gap

February 27, 2026 | theridgewoodblog.net

Trenton NJ, New Jersey is at a fiscal crossroads. In a high-stakes press conference, Governor Mikie Sherrill officially sounded the alarm on a massive $3 billion structural deficit threatening the state’s financial stability.

But for taxpayers worried about their wallets, the Governor delivered a definitive promise: No new tax increases in the upcoming 2027 fiscal budget.

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NJ SEED: It will require some really creative thinking and manipulation to plug a $3 billion structural deficit. A chilling reminder of a famous quote by a presidential candidate, “Read my lips, no new taxes”.