Stockton to file for bankruptcy, will be largest U.S. city to fail. The Stockton City Council halts bond payments, slashes employee benefits and adopts an emergency budget as mediation ends. The Central Valley city becomes the largest in the U.S. to seek bankruptcy protection.

http://www.latimes.com/news/local/la-me-stockton-bankruptcy-20120627,0,2285815.story

 

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