New Jersey Governor Chris Christie Vetoes Atlantic City Rescue Package, No Rescue for Atlantic City’s Distressed Casino’s
Many people are asking why New Jersey Governor Chris Christie vetoed a rescue package submitted by legislatives for rescue strategies in Atlantic City. The garden state’s troubled gambling hub was counting on this package to try and get the city back to where it needs to be, but those plans have been shot out of the water now thanks to Governor Christie.
With Christie vetoing right before the deadline Monday, what’s the city going to do now? The city’s budget depends on casino revenues, about $33.5 million worth. The budget for the fiscal 2015 was really counting on that revenue if Christie would have signed the bill instead of vetoing it. It’s not really clear on how this is going to impact the current budget, but the Republican Presidential Candidate went ahead and signed a bill to provide more aid to the schools.
Of course Christie had something to say as to why he vetoed the bills. His concerning message read that the bills, “fail to recognize the true path to economic revitalization and fiscal stability” and that some requirements “simply shift resources to the city without requiring accountability.”
Although the bill was passed by the Democratic legislative this past summer it is now that Christie has decided to act upon it’s fate. The Governor wants the state and not the city to have control over $30 million of casino payments to the city in lieu of taxes for 2015 and 2016.
“It’s incredibly unfortunate the governor chose to let these bills sit on his desk for months while he panders to voters across the country,” stated Democratic Assemblyman Vince Mazzeo one of the bills’ major sponsors.
If the bill is to be passed by Christie, state lawmakers must revise the main bill according to the Governors liking if they are to see the $33.5 million in redirected casino revenues for this year’s budget.