Government
Jul. 23, 2009
Bankruptcy for Strapped Cities, Counties?
A combination of reduced tax revenues, high unemployment, a struggling state government and increasing pension costs are squeezing California municipalities. But is the situation bad enough to push local governments into bankruptcy protection?
Daily Journal Staff Writer LOS ANGELES A combination of reduced tax revenues, high unemployment, a struggling state government and increasing pension costs are squeezing California municipalities. The budget deal reached by legislators and the Governor late Monday only promises to make things worse. The Los Angeles Board of Supervisors has moved to sue the state, saying the proposed budget would cut as much as $24 billion in tax...
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