BURLINGTON — Gov. Chris Christie said today he is unsure what effect the nation's downgraded credit rating will have on New Jersey. "We'll have to wait and see," Christie said. Christie questioned the decision on Friday by Standard & Poor's to lower the nation's credit rating, a historic move. "Some of the rationale that has been used to downgrade...
New Jersey Governor Chris Christie at an Aug. 3 press conference. Today, he said he's unsure how the downgrade of the U.S. credit rating by Standard & Poor's will affect New Jersey.BURLINGTON — Gov. Chris Christie said today he is unsure what effect the nation's downgraded credit rating will have on New Jersey.
"We'll have to wait and see," Christie said.
Christie questioned the decision on Friday by Standard & Poor's to lower the nation's credit rating, a historic move.
"Some of the rationale that has been used to downgrade that credit rating, it seems to me, is supposed to be about what the chance of you not getting paid back, and I think the chance of that is zero, that the United States will not pay its debt," Christie said at a news conference today. "I think the downgrade was more dramatic political stuff than it was affecting anybody who actually holds debt of the United States right now."
Christie said New Jersey officials met with the rating agencies last week to present changes that have been made to the state's budget. In February, Standard & Poor's lowered New Jersey's credit rating to one of the worst in the nation, ahead of only two other states — California and Illinois.
New Jersey was criticized by the rating agencies for it's long-term pension obligations, an issue Christie said the administration showed has changed through legislation that was passed in June.
"It was received very well by the agencies," Christie said.
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