Stockton, California will surpass the city of Vallejo California as one of the largest U.S. cities to file for bankruptcy. The city has 300,000 residents and is $700 million in debt.
“Our rendezvous with reality has arrived,” said Governor Pat Quinn of Illinois. He was referring to the mounting fiscal issues facing the state as it goes further and further into debt. But, the state did not arrive at the edge of insolvency without a number of missteps along the way.
A roundup of this morning’s must-read budget and economic stories.
That is what’s happening in the federal government, as well as in state and local governments all over the United States. Lawmakers are struggling to balance the annual discretionary or general revenue budgets, cutting everything from….