Gov. Chris Christie signs the bills that help Atlantic City avoid bankruptcy but give the city five months to fix its finances. If it can't, the state takes over.
It will be challenging for city officials to identify the cuts needed within five months to balance their budget. Refinancing its debt would be a big help.
“If they come up with something, great,” Christie said of a legislative compromise. “If they don’t, then bankruptcy would be the only option. And while I would regret having to go down that road, it is a road that I will have no choice but to go down.”
A crucial vote is set for Thursday in the Assembly, which is pursuing its own alternative to an Atlantic City takeover as default or bankruptcy inches closer.
Gov. Chris Christie ties the Atlantic City takeover standoff to Democratic gubernatorial politics and calls the Assembly speaker a "water boy" for Jersey City's mayor.