Christie’s Downgrade Debacle

The International Business Times noted Standard & Poor’s downgrade of New Jersey’s credit rating as “a significant blow to Gov. Chris Christie.”

The announcement said Christie’s management of New Jersey’s $78 billion pension system has “significant negative implications” for the state’s finances. S&P also cited the state’s below-expected tax revenues as a factor that “put additional pressure on future budgets.”

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Christie’s Downgrade Debacle