In short, if the state doesn't quit non-essential spending or the state Legislature doesn't allow the Murphy administration to shuffle spending from one part of the budget to another, they risk ending next month's fiscal end-of-year in the red, according to the New Jersey Treasury Department.

State Treasurer Elizabeth Muoio on Friday ordered the immediate hold on both spending and hiring "until further notice," according to a news release. -NJ.com

"We have to reserve all available resources in order to ensure we close out the general fund in a positive position," said Muoio.

While more than half of New Jersey state funding comes from the general fund, the other half is generated through gross income taxes - which are currently unable to be spent on anything aside from property tax relief. Muoio has been sounding the alarm on the general fund of late, saying it will run into the red unless she can shift $788 million in utilities revenue.