Atlantic City's Financial Future Uncertain After Christie's Veto Of Rescue Bills
ATLANTIC CITY, NJ. (CBS) -- Atlantic City's financial future remains uncertain, after Governor Chris Christie this past week conditionally vetoed a package of rescue bills that lawmakers passed in June. It's also leaving the struggling casino town's neighbors with plenty of questions.
One bill would have allowed AC's eight casinos to make a sure bet -- defined payments of $120 million a year for the next 15 years -- instead of rolling the dice on how much they'd owe in taxes.
But Christie wants to tinker with it, suggesting the state sequester $30 million from the city until it passes a fiscal recovery plan.
"While these bills represent the bipartisan efforts of many to provide important, near-term support to the city's immediate challenges, I do not believe they meet the goal of setting a course toward renewed, long-term prosperity and economic growth," Christie said. "To achieve these goals, we must continue our work and go further to ensure that the next step leads to that economically vibrant future for Atlantic City."
Senate president Steve Sweeney (D-Salem, Gloucester, Cumberland Counties) expects to meet with Governor Christie in the coming weeks.
"I was extremely disappointed by the conditional veto," said Sweeney. "I worked on it with Republicans, and I know we had a good package of bills. But I can't just throw my hands up and say I tried -- we need to continue to make more efforts to find a way to stabilize Atlantic City. There are just too many jobs at stake."
Atlantic City's mayor, Don Guardian, says he's OK with Christie's proposals -- just get it done. And while several neighboring-town bosses think bankruptcy is in the cards for the city, Somers Point Mayor Jack Glasser is not one of them. As head of the Atlantic County Mayors Association, he says he just wants a fair solution for all.
"The communities surrounding Atlantic City are concerned with this, because if monies aren't coming back to the county that means our residents -- our taxpayers -- are going to wind up paying more to help out AC," Glasser said. "What it comes down to is we're all interested in the revitalization of Atlantic City and helping it out, but you can't go and overtax the people outside of AC. We don't have the budgets."
