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Town Is 3rd to Go Bankrupt in 2 Weeks |
July 11, 2012
The drumbeat of cities filing bankruptcy grows louder: San Bernadino filed yesterday, becoming the third California city in two weeks to go bust, after Stockton (the biggest U.S. city so far to file) and the small Sierra hamlet of Mammoth Lakes.The L.A. Times reports that San Bernadino's filing is certain to heighten worries about the fiscal solvency of other California towns. But the next bankruptcy might not come from California: Scranton, Pennsylvania is so cash-strapped that on Friday it made an unprecedented move and cut the pay of its municipal workers to $7.25 an hour--minimum wage.
http://feeds.abcnews.com/click.phdo?i=db0a0eb5e4b032c37d4ed3ff2a1bbd8f
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