By David Madden
ATLANTIC CITY, N.J. (CBS) — New Jersey state senate president Steve Sweeney is taking aim at the Christie administration’s plan to help Atlantic City out of its massive financial hole.
And if things play out as he expects they will, Sweeney says he is ready for a fight.
The two experts appointed by Gov. Christie to assist the city specialize in bankruptcy recovery, according to Sweeney, so he wasn’t surprised when Wall Street lowered Atlantic City’s credit rating to “junk” status this week.
“Which makes it almost impossible for the town to function,” Sweeney tells KYW Newsradio, “and if they are ever able to sell notes, it’s going to cost the city a hell of a lot more money to borrow.”
Sweeney vows to go to court to block any attempt to force Atlantic City to file for bankruptcy, even though the experts have said there’s no decision on that front yet.
The state legislature has a series of bills now under consideration to assist the city and its ailing casino industry. No comment from the governor’s office.