After months of political gridlock, New Jersey lawmakers reached agreement on an Atlantic City rescue plan that would give the troubled gambling hub until the end of the year to fix its finances and avoid a state takeover, Bloomberg News reported today. An assembly committee yesterday approved a measure to extend bridge loans and grants to Atlantic City, but the bill stipulated that the city would have to come up with an acceptable five-year plan or be put under state control. Mayor Don Guardian said that he supports the bill. The full Assembly and the Senate may vote on the legislation on Thursday. "Atlantic City will now have time to take care of their own house," Assembly Speaker Vincent Prieto said before the Judiciary committee voted to move the bills forward. He said that he’s confident Republican Governor Chris Christie will support the package. Christie and the Democrat-led legislature this year have been at loggerheads over how to prevent the financial collapse of the 39,000-resident seaside town, whose gambling industry has been battered by competition from neighboring states. Christie has refused to extend aid to the city unless lawmakers approve giving the state unprecedented control over its operations and the ability to change labor contracts.
