New Jersey owed nearly $34 billion at the end of the 2011 fiscal year, more than the $32 billion in anticipated state revenues in the coming fiscal year.
Members of the Assembly's Budget Committee discussed the state's debt Wednesday during a hearing with the state treasurer.
A report from the non-partisan Office of Legislative Services notes the debt is equal to 7 percent of the state's 2010 gross domestic product of $487.3 billion. That doesn't include interest on the debt.
The state also has over $7 billion in authorized but unissued bonding debt.
Gov. Chris Christie's 2013 budget calls for $2.9 billion in debt payments, about 9 percent of the anticipated $32 billion in state revenues.
Debt figures for the end of the current fiscal year are not yet available.