Gubernatorial candidate: I will end Atlantic City takeover

Markets Associated Press

A Democratic candidate for New Jersey governor says he'll cancel the state takeover of Atlantic City if he is elected next year.

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Phil Murphy spoke Friday in the gambling resort, where he received the endorsement of Democratic political leaders and African-American clergy.

Republican Gov. Chris Christie's administration seized power Wednesday over Atlantic City's assets and major decision-making after determining the city is unable to make the hard choices needed to stabilize its finances and pay off its half-billion-dollar debt.

Murphy says an austerity plan proposed by the city should be given a chance to work.

Murphy is a billionaire former chairman of Goldman Sachs. He elbowed most potential Democratic opposition out of the way a year before the election.