N.Y. Giants’ Hometown Penalized by Standoff
The National Football League’s New York Giants sit atop their division. Their New Jersey hometown is in the fiscal cellar.
East Rutherford, a suburb of 8,900 people about 13 miles (21 kilometers) west of Manhattan, is struggling to assemble the state’s tardiest budget as it battles the team over a tax bill. Investor patience is wearing thin with the borough, which risks a second credit downgrade this year and may have a spending plan imposed by the state. The penalty investors demand to own some of its bonds is almost eight times as steep as three years ago.