Andrew Pratt News
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New Jersey’s revenue may be as much as $700 million short of plan through the end of this fiscal year and the gap could grow to as much as $2 billion, the legislature’s chief budget officer said.
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New Jersey’s Economic Development Authority plans to issue as much as $2 billion of bonds early next month to refinance school-construction debt and terminate $1.7 billion of interest-rate swaps.
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New Jersey and New York City, two of the municipal bond market’s largest borrowers, lead the biggest week of state and local government sales in a month as issuers test demand after investors pulled $12.5 billion from muni mutual funds in December.
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New Jersey Governor Chris Christie and lawmakers are pushing for the state’s first general- obligation bond issue for higher education in almost 25 years in a bid to staunch the nation’s biggest exodus of college students.
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Power companies raced to assess damage, clear trees and begin restoring electricity to more than 6.2 million people left without electricity by super-storm Sandy, warning some blackouts may persist through next week.
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New Jersey and its localities are paying the biggest yield penalty on their debt since October as lawmakers prepare to vote on a budget that increases reliance on one-time revenue.
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New Jersey’s pension fund has only two-thirds of the assets needed to pay future benefits, and the gap widened even as Governor Chris Christie boosted employee contributions and froze raises, according to state data.
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New Jersey has indefinetely postponed an Oct. 30 sale of $2.6 billion of short-term debt, its largest ever, as Hurricane Sandy threatens to make landfall in the area that day, said a spokesman for the state’s treasurer.
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Governor Chris Christie ’s pledge to erase New Jersey ’s budget deficit by disparaging public-worker unions has helped make him a national Republican star. Those who buy the state’s bonds are less impressed.
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Four months before he joined Governor Chris Christie’s administration as New Jersey’s chief economist, Charles Steindel recommended a tax surcharge on the state’s wealthiest residents, a view his current boss opposes.
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