CA City Faces Potential Bankruptcy

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-- back we could be on the verge of one of the largest bankruptcies.

By a US city in our nation's history.

City of Stockton California population roughly 300000 try to deal with a staggering debt load.

700.

Million dollars city leaders blaming it on rising pension costs and the busted housing market.

They've already laid off hundreds of city workers and police officers but.

They do say that budget cuts just won't cut it.

Anymore -- is already defaulted on several bonds that's already cost -- control of their brand news City Hall.