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In New Jersey,Atlantic City is nearly bankrupt and doesn't contain enough money to pay a $1.8 million bond bill due nowadays.
Atlantic City Mayor Don Guardian and Governor Chris Christie contain been in an old-fashioned stand off, with Christie threatening to let the city drop into default. For the 39000 people living in Atlantic City — America’s worst rated town — the future looks bleak. The city has lost a third of its casinos over the past few years and its population continues to shrink.Christian Hetrick, or the city hall reporter for the Press of Atlantic City,discusses the financial crisis facing the city.
Source: wnyc.org