Report Leaves Many Questions About Atlantic City's Future

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.

BING NEWS:
  • Atlantic City mayor: I’m committed to my family and city while dealing with daughter abuse charges
    ATLANTIC CITY, N.J. — Atlantic City Mayor Marty Small said ... In his first public comments since prosecutors on Monday charged him and his wife, LaQuetta, the city’s superintendent of schools, with ...
    04/18/2024 - 1:43 pm | View Link
  • Atlantic City Mayor Marty Small Sr. addresses child abuse allegations: ‘It doesn’t change my commitment’
    Atlantic County prosecutors filed charges against the 50-year-old Democrat and his wife, Atlantic City schools superintendent La’Quetta Small, on Monday.
    04/18/2024 - 10:35 am | View Link
  • Annual inflation rate increased to 2.9% in March
    The annual inflation rate ticked higher in March compared with February, boosted by higher prices for gasoline, Statistics Canada said Tuesday.
    04/16/2024 - 1:24 am | View Link
  • Middle East – live: Israel will make own decision on Iran attack response, Netanyahu says after Cameron talks
    Israel military vows response as Western nations urge restraint - Rishi Sunak is due to speak to Benjamin Netanyahu on Tuesday in a bid to prevent further escalation in the Middle East conflict ...
    04/16/2024 - 12:00 am | View Link
  • Winston-Salem man's death not related to drinking cleaning fluid at Burke Street Pub, autopsy says
    The Forsyth County medical examiner said Connor Sebastian, who was hospitalized for several days after accidentally consuming cleaning fluid in a beer line at Burke Street Pub last November, died from ...
    04/15/2024 - 4:30 am | View Link
  • More

 

Welcome to Wopular!

Welcome to Wopular

Wopular is an online newspaper rack, giving you a summary view of the top headlines from the top news sites.

Senh Duong (Founder)
Wopular, MWB, RottenTomatoes

Subscribe to Wopular's RSS Fan Wopular on Facebook Follow Wopular on Twitter Follow Wopular on Google Plus

MoviesWithButter : Our Sister Site

More Business News