BUSINESS REPORT

Top administration officials grilled on federal stimulus efforts

BY Rhonda Schaffler, Correspondent |

Senators had some tough questions about the $2 trillion CARES Act. Treasury Secretary Steve Mnuchin and Federal Reserve Chairman Jerome Powell responded to criticism that its taken a long time for money to be distributed and that more relief should be going to struggling workers and indebted local and state governments.

New Jersey taxpayers are weighing in on how to address the state’s potential revenue shortfall of $10 billion. A poll by Garden State Initiative finds residents prefer that the state leaders look for cost cutting options. Only 7% of the 500 residents surveyed favored hiking taxes to help cover the anticipated shortfall, compared to 44% who want to see the state come up with ways to reduce spending.

Add this to the incredible challenges faced by New Jersey’s hospitals due to the COVID-19 pandemic, they are now also facing unprecedented fiscal challenges. A new report from the New Jersey Hospital Association says
plummeting revenues have had a severe impact on hospital finances. At that same time, expenses jumped as more resources were put toward fighting COVID-19.