Governor signs financial rescue package for Atlantic City

New Jersey Gov. Chris Christie

New Jersey Gov. Chris Christie

Republican New Jersey Gov. Chris Christie has signed a package of bills to keep financially troubled Atlantic City from running out of cash.

Christie signed the bills Friday after they were approved by lawmakers Thursday following a drawn-out political fight. The bills give the city’s government up to five months to devise a plan to balance its budget.

Christie says the new laws will give him the authority to reform Atlantic City’s “overblown municipal government.”

Atlantic City’s tax base has contracted since four of its 12 casinos closed.

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Republican Atlantic City Mayor Don Guardian calls the action “huge.” He says Atlantic City wants people to know the shore is open for business.

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