Christie, Assembly face off over Atlantic City crisis

- Atlantic City, once the home of casinos, is going broke. It faces a $100 million deficit -- and that's not including its debt.

Gov. Chris Christie says this is happening because the city's leaders refuse to cut costs especially when it comes to services and municipal salaries. The governor said he is opposing a bankruptcy filing by Atlantic City because it would hurt the credit ratings of towns all over New Jersey.

Christie said he would only sign an aid package if it comes with legislation that will allow the state to take over a large part of the local government.

Christie added that the city's mayor had once agreed to the takeover but state Assembly Speaker Vincent Prieto talked him out of it because of his ally, Jersey City Mayor Steve Fulop, who plans to run for the democratic nomination for governor next year.

Fulop responded with this statement which in part reads: "There is zero substance to his accusations and this amounts to nothing more than a temper tantrum."

Speaker Prieto also responded with a statement which in part reads: "The fact remains that Gov. Christie has sufficient authority to save Atlantic City from financial catastrophe, but instead of action, he makes excuses."

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