The new mayor of Jersey City, N.J., said yesterday that the city could be technically bankrupt by next summer but does not see declaring bankruptcy an attractive option.

"Jersey City's financial situation is a result of years of irresponsible government," Bret Schundler said in a telephone interview.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.