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Treasury warns potential federal Medicaid changes could expose New Jersey to up to $10B in risk
Summary
Treasury officials told the budget committee that proposed federal Medicaid changes and other federal funding shifts could reduce New Jersey's federal funding by as much as $10 billion, far exceeding the state's projected surplus and creating substantial fiscal risk.
State Treasury officials told the Legislature's budget committee that the state faces substantial exposure if federal Medicaid matching rates or related funding streams are reduced.
The Treasurer said federal funds total roughly $28.7 billion estimated for FY‑26, with nearly $20 billion flowing through the Department of Human Services and related agencies. The administration described New Jersey Family Care (Medicaid) as an approximately $24 billion program, of which roughly $14 billion…
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