Andy Pratt News
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Not enough buyers for $2.6 billion of New Jersey notes? No problem.
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New Jersey plans to sell $2.6 billion in notes this month, its largest-ever short-term debt sale, to repay a loan from Bank of America Merrill Lynch and bolster cash flow, said a spokesman for the state treasurer.
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Part-time work for the New Jersey towns of Leonia, Saddle Brook and Elmwood Park helped attorney Brian Giblin rack up pension credits worth $33,143 a year, even after a 2007 state law made contractors like him ineligible.
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New Jersey had its credit outlook revised to negative from stable by Standard & Poor’s, which said revenue assumptions in Governor Chris Christie’s economic comeback plan are optimistic.
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New York and its municipalities have achieved lower 10-year borrowing costs than their New Jersey counterparts since Governor Andrew Cuomo took office, reversing a trend that stretched back to 1994.
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New Jersey Democrats who cast doubt on Republican Governor Chris Christie’s economic comeback plans have been handed a weapon heading into next year’s elections.
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New Jersey’s debt increased 3.1 percent, the slowest growth in four years, as Governor Chris Christie’s administration reduced the pace of borrowing.
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Michigan’s “radical reform” 14 years ago to rescue its retirement system by placing newly hired workers in a 401(k) program may show struggling states the way back from the worst pension crisis ever.
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New Jersey’s revenue projections for fiscal 2013 pose a “notable downside risk” and its pension-funding level will continue to deteriorate even after cost-saving changes to retirement benefits, Fitch Ratings said.
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Governor Chris Christie, a Republican who has spent the past four months promising New Jersey income- tax cuts, now confronts the challenge of selling his plan’s feasibility against a backdrop of continuing revenue shortfalls.
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