Gov. Chris Christie earlier this week decided not to approve legislation aimed at helping Atlantic City balance its municipal budget amid a worsening fiscal crisis. A spokesman for Christie yesterday said the governor rejected the measures because city officials haven’t made enough progress on their own streamlining spending and sorting out waste.
Now city officials have said they may have no choice but to declare bankruptcy, an outcome lawmakers say would be bad for New Jersey and bad for other cities i facing budget difficulties. Instead, they’ve pressed for a temporary state takeover of the resort’s finances, something city officials so far have resisted.
The situation is urgent. A report compiled by a special emergency manager that Christie hired says Atlantic City only has enough cash to make it to April.