Chris Christie's Budget Cutting Failing, As Moody's Lowers Credit Outlook For New Jersey

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Chris Christie gets a lot of credit for all the good work he’s doing on cutting spending and balancing the budget, but apparently it’s not happening fast enough.The Bond Buyer:

Moody’s Investors Service changed New Jersey’s credit outlook to
negative from stable Wednesday evening, citing its nearly $11 billion
structural deficit, the end of federal stimulus funds, and the state’s
unfunded retirement costs.

Moody’s rates New Jersey’s $31.6 billion of outstanding general
obligation and appropriation debt Aa2. The rating agency earlier this
year recalibrated the state’s credit rating to Aa2 with a stable outlook
from Aa3 with a negative outlook.

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