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Atlantic City on Verge of Default, Possible State Takeover

HeadlineApr 29, 2016

Atlantic City is likely to default on a $1.8 million bond payment due Sunday, making it the first New Jersey city to go into default since the Great Depression. New Jersey Governor Chris Christie has proposed taking over the city’s operations, a move which would give the state power to sell off city assets and break union contracts. Atlantic City Mayor Don Guardian has pushed back against the state plan, calling it a “fascist dictatorship.”

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