The Senate passed the budget earlier Wednesday. It now heads to Gov. Chris Christie, who has said he won't sign it.
Republicans insist the proposal is unlawful because it relies on more revenue than the state is likely to collect.
The vote in each house was along party lines.
Democrats also were advancing a millionaires' tax, which Christie vowed to veto.
A balanced budget must be in place by Friday. If not, the government technically runs out of money and nonessential services would shut down.
Christie proposed a budget that is about $1 billion less than the Democrats' plan. The Democrats' version contains more funding for public schools, the working poor and crime-fighting initiatives.