Moody’s Investors Service Friday placed Newark, N.J.’s general obligation bond rating on review for possible downgrade as the city has less than three months to close a $70 million current-year budget deficit.

Mayor Cory Booker and the Municipal Council must balance and adopt its $600 million fiscal 2010 budget in time to mail out tax bills in early November. Fiscal 2010 began Jan. 1.

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