The Republicans had said they would release the outlines of their proposal to replace President Barack Obamas 2010 health care law over the two-week congressional break later this month at town-hall meetings with constituents.

New Jersey is rated three steps below benchmark debt, with a negative outlook. A one-step downgrade would place it with California and Illinois in the single-A category.

In the Calpers case, S&P and Moodys base part of their arguments on a California law that they say protects them against retaliation for expressing opinions.

The gap between what state governments have promised employees in pension benefits and the funding to meet those obligations widened to $914 billion at the end of 2012.