New Jersey's bonded debt is approaching $50 billion, including the $3.7 billion the state borrowed in November when it thought COVID would wreck its revenues.
After interest-only payments are made in 2021 and 2022, yearly payments are expected to be slightly more than $500 million for the 10 years that follow.
To make up for projected declines in revenue projections, the 2021 state operating budget is balanced in part through $4.5 billion in general obligation bonds.