Mayor says Atlantic City may face bankruptcy after bill vetoed(Reuters) - Atlantic City’s mayor said on Tuesday that bankruptcy was “back on the table” after New Jersey Governor Chris Christie vetoed legislation considered essential to the distressed gambling hub’s tax base and cash flow.  “If the state is not able to come up with the funding we need within the next few weeks, we will have no choice but to declare bankruptcy,” Mayor Don Guardian said in a statement.  The seaside city’s gambling industry, facing increased competition from neighboring U.S. Northeastern states, lost four of its 12 casinos in 2015. The legislation called for casinos to make fixed payments in lieu of taxes and would have added a measure of stability to the city’s rapidly shrinking property tax base.    Lawmakers first passed it in June. Nearly five months later, Christie vetoed it but said he would consider signing it with certain changes he required.  The Democratic-led legislature then amended the measure, which was part of a package of bills, passed it, made yet more changes and passed it again. Christie, a 2016 Republican presidential candidate, also declined on Tuesday to sign the other bills in the package. The city’s emergency manager, Kevin Lavin, who was appointed by Christie a year ago, said in a report on Friday that without the revenues generated in the package, the city’s cash flow would run dry by April. Legislative leaders, who have proposed a takeover of the city, will have to reintroduce the bills if they want to keep pushing for them. Democratic Assemblyman Vince Mazzeo, whose district includes Atlantic City, said in a statement that Christie’s vetoes showed a “brazen disregard” for Atlantic City’s fiscal recovery and added he would move forward on measures to restore the region’s economic security. Asked why Christie vetoed the bills, the governor’s office referred to comments he made on Saturday when he was  campaigning in Iowa.  “If I don’t think the total package makes sense, I won’t (sign it),” he said, according to the remarks. He has been discussing “some accommodation on this” with Senate President Steve Sweeney and other legislative leaders.      Sweeney, a Democrat, originally championed the legislation but is now pushing for a takeover of the city’s operations. “We cannot afford to let Atlantic City go bankrupt,” Sweeney said in a statement. “The best way out is for the State of New Jersey to take control of Atlantic City’s finances and the best way to do it is to act quickly.” politicsNews
mayor says atlantic city may face bankruptcy bill vetoed reuters atlantic city mayor said tuesday bankruptcy back table new jersey governor chris christie vetoed legislation considered essential distressed gambling hub tax base cash flow if state able come funding need within next weeks choice declare bankruptcy mayor don guardian said statement the seaside city gambling industry facing increased competition neighboring northeastern states lost four casinos the legislation called casinos make fixed payments lieu taxes would added measure stability city rapidly shrinking property tax base lawmakers first passed june nearly five months later christie vetoed said would consider signing certain changes required the legislature amended measure part package bills passed made yet changes passed christie republican presidential candidate also declined tuesday sign bills package the city emergency manager kevin latin appointed christie year ago said report friday without revenues generated package city cash flow would run dry april legislative leaders proposed takeover city reintroduce bills want keep pushing democratic assemblyman vince maze whose district includes atlantic city said statement christie vetoed showed broken disregard atlantic city fiscal recovery added would move forward measures restore region economic security asked christie vetoed bills governor office referred comments made saturday campaigning iowa if i think total package makes sense i sign said according remarks he discussing accommodation senate president steve sweeney legislative leaders sweeney democrat originally championed legislation pushing takeover city operations we afford let atlantic city go bankrupt sweeney said statement the best way state new jersey take control atlantic city finances best way act politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Mayor says Atlantic City may face bankruptcy after bill vetoed(Reuters) - Atlantic City’s mayor said on Tuesday that bankruptcy was “back on the table” after New Jersey Governor Chris Christie vetoed legislation considered essential to the distressed gambling hub’s tax base and cash flow.  “If the state is not able to come up with the funding we need within the next few weeks, we will have no choice but to declare bankruptcy,” Mayor Don Guardian said in a statement.  The seaside city’s gambling industry, facing increased competition from neighboring U.S. Northeastern states, lost four of its 12 casinos in 2015. The legislation called for casinos to make fixed payments in lieu of taxes and would have added a measure of stability to the city’s rapidly shrinking property tax base.    Lawmakers first passed it in June. Nearly five months later, Christie vetoed it but said he would consider signing it with certain changes he required.  The Democratic-led legislature then amended the measure, which was part of a package of bills, passed it, made yet more changes and passed it again. Christie, a 2016 Republican presidential candidate, also declined on Tuesday to sign the other bills in the package. The city’s emergency manager, Kevin Lavin, who was appointed by Christie a year ago, said in a report on Friday that without the revenues generated in the package, the city’s cash flow would run dry by April. Legislative leaders, who have proposed a takeover of the city, will have to reintroduce the bills if they want to keep pushing for them. Democratic Assemblyman Vince Mazzeo, whose district includes Atlantic City, said in a statement that Christie’s vetoes showed a “brazen disregard” for Atlantic City’s fiscal recovery and added he would move forward on measures to restore the region’s economic security. Asked why Christie vetoed the bills, the governor’s office referred to comments he made on Saturday when he was  campaigning in Iowa.  “If I don’t think the total package makes sense, I won’t (sign it),” he said, according to the remarks. He has been discussing “some accommodation on this” with Senate President Steve Sweeney and other legislative leaders.      Sweeney, a Democrat, originally championed the legislation but is now pushing for a takeover of the city’s operations. “We cannot afford to let Atlantic City go bankrupt,” Sweeney said in a statement. “The best way out is for the State of New Jersey to take control of Atlantic City’s finances and the best way to do it is to act quickly.” politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: mayor says atlantic city may face bankruptcy bill vetoed reuters atlantic city mayor said tuesday bankruptcy back table new jersey governor chris christie vetoed legislation considered essential distressed gambling hub tax base cash flow if state able come funding need within next weeks choice declare bankruptcy mayor don guardian said statement the seaside city gambling industry facing increased competition neighboring northeastern states lost four casinos the legislation called casinos make fixed payments lieu taxes would added measure stability city rapidly shrinking property tax base lawmakers first passed june nearly five months later christie vetoed said would consider signing certain changes required the legislature amended measure part package bills passed made yet changes passed christie republican presidential candidate also declined tuesday sign bills package the city emergency manager kevin latin appointed christie year ago said report friday without revenues generated package city cash flow would run dry april legislative leaders proposed takeover city reintroduce bills want keep pushing democratic assemblyman vince maze whose district includes atlantic city said statement christie vetoed showed broken disregard atlantic city fiscal recovery added would move forward measures restore region economic security asked christie vetoed bills governor office referred comments made saturday campaigning iowa if i think total package makes sense i sign said according remarks he discussing accommodation senate president steve sweeney legislative leaders sweeney democrat originally championed legislation pushing takeover city operations we afford let atlantic city go bankrupt sweeney said statement the best way state new jersey take control atlantic city finances best way act politicsnews