The continuing drama over Atlantic City's collapsing finances appeared to kick into a higher gear on Monday, with Republican Gov. Chris Christie and Democratic Assembly Speaker Vincent Prieto meeting over proposed legislation authorizing the state to take over the resort town's finances, though an agreement has not yet been reached.

Prieto told NJTV News in an interview that though he and the governor met for about an hour there was no progress yet with Christie over a state takeover of Atlantic City.

The statehouse meeting comes after Christie, who backs the takeover along with Democratic Senate President Steve Sweeney, and Prieto have been trading sharply worded critiques in recent days. Christie called Prieto a "co-captain of the Titanic," and Prieto said Christie should do his job and compromise.

Christie has a news conference scheduled for later Monday.

The measure would allow the state to take control of the city's finances as it teeters toward possible financial failure later this week.

Prieto objects to the measure because it could allow the state to end collective bargaining agreements. On Monday, he also called on Sweeney to amend the takeover legislation but didn't specify how.

"I have repeatedly said I am willing, but our core values of collective bargaining and fair labor practices should not be the first things on the chopping block," Prieto said.

Sweeney's office did not immediately reply to a message seeking comment.

Prieto has also said that Christie already has the authority to help Atlantic City, but the governor disagrees with Prieto and says the takeover legislation is necessary.

The city council will vote Wednesday on converting workers to a 28-day pay period, which would keep city government functioning after the city runs out of money on Friday.

Also Monday, Atlantic City's already lowly-rated debt was downgraded once again by Moody's. Moody's cited the "ongoing political stalemate" in the statehouse and a possible default within the next year.

Atlantic City's financial crisis was brought about by the contraction of its casino industry, mainly due to ever-growing competition from casinos in nearby states. The city's casino revenue has fallen from $5.2 billion in 2006 to $2.56 billion last year. In 2014, four of its 12 casinos went out of business.

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