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Jersey City Faces $255M Deficit Amid Leadership Change

2/7/2026

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Summary

Story summary

Jersey City, New Jersey, faces a $255 million deficit, nearly 30% of its annual budget, after Moody's downgraded its bond rating.
New Mayor James Solomon attributes the deficit to former Mayor Steven Fulop's mismanagement and unsustainable revenue sources, in a report by the Institute for State and Local Governance.
The deficit exceeds annual police and fire spending.
Solomon takes a symbolic $1 salary and explores options to address the turmoil.

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Story summary

Jersey City, New Jersey, faces a $255 million deficit, nearly 30% of its annual budget, after Moody's downgraded its bond rating.
New Mayor James Solomon attributes the deficit to former Mayor Steven Fulop's mismanagement and unsustainable revenue sources, in a report by the Institute for State and Local Governance.
The deficit exceeds annual police and fire spending.
Solomon takes a symbolic $1 salary and explores options to address the turmoil.