Rating agencies are keeping an eye on New Jersey revenue collections as Treasury Department officials work on a potential $2 billion short-term line of credit, with proposals for such a facility due today by 3 p.m.

The Garden State is looking to access $2 billion in credit by July 1 to help it meet cash-flow needs until it issues its yearly tax and revenue anticipation notes in August or September. Declining revenue has limited New Jersey's fiscal flexibility, as a projected $1.2 billion deficit for fiscal 2009 may close out a roughly $700 million surplus and leave the state's coffers dry by June 30.

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