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.
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.
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.
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.
Retirements among New Jersey state and local-government workers climbed 11 percent last year, to the highest rate in at least a decade, as Governor Chris Christie raised their pension and health-care expenses.