ATLANTIC CITY, N.J. (AP) — Emergency managers appointed by New Jersey Gov. Chris Christie recommend spending cuts and layoffs as a starting point toward getting Atlantic City's troubled finance under control. [...] their initial report — which does not envision a bankruptcy filing — leaves many unanswered questions as the city and state grapple with Atlantic City's municipal and school budget deficits of nearly $150 million. Kevin Lavin, a corporate turnaround expert, and Kevyn Orr, who shepherded Detroit through its municipal bankruptcy, were hired by Christie in January to recommend ways to get Atlantic City back on its feet. Wall Street fears Atlantic City might default on its municipal debt, and warns it may run out of money to pay its bills by fall. Ratings agencies have already lowered their assessments of Atlantic City's creditworthiness, and say other New Jersey cities now make them nervous as well because the state seems to leave the door open for a default. A package of bills proposed by state Senate President Steve Sweeney and Sen.