Gov. Phil Murphy to discuss ‘baby bond’ plan. How to watch the press conference live today. - NJ.com

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Wednesday, September 9, 2020

Gov. Phil Murphy will be at a park in Passaic County on Wednesday afternoon to discuss his “baby bond” plan that would provide $1,000 to the family of every qualifying child born in the state next year.

Murphy’s 1 p.m. press conference from Barbour Park in Paterson will be streamed live on the governor’s YouTube channel.

Under the plan in the governor’s revised 2021 budget, Murphy would have the state invest $1,000 on behalf of every baby born in 2021 to families whose income is less than 500% of the federal poverty level. For a family four, that is income below $131,000, according to Treasury.

The recipients of the baby bonds would have access to the money when they turn 18.

Murphy said the plan would benefit three out of every four children born in New Jersey, calling it the first statewide program of its kind. The governor did not say whether the plan would continue in future years.

The state Treasury Department estimates 72,000 babies whose families qualify will be born in 2021, so this proposal carries a $72 million price tag.

“At this time — when so many families are struggling with how they will pay their bills or seeing their hard-earned savings disappear — let’s make a better promise to the next generation of New Jerseyans,” Murphy said when he unveiled the revised budget proposal last month. “The possibilities for the generation we will be welcoming into the world should be endless — and even in our most dire times, this modest investment will help ensure that more of those possibilities become realities.”

The governor has one media appearance scheduled Wednesday — at 4 p.m. he will be interviewed on CNN’s The Lead with Jake Tapper.

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Karin Price Mueller contributed to this report. Jeff Goldman may be reached at jeff_goldman@njadvancemedia.com. Follow him on Twitter @JeffSGoldman. Find NJ.com on Facebook.

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