More California cities hurtling into fiscal void? - Sacramento Politics - California Politics | Sacramento Bee: "When the city of Vallejo filed for bankruptcy protection in May, the logical question was: Is this a sign of things to come?
Now two more California cities – Rio Vista and Isleton – are considering bankruptcy protection as an option as they face large budget shortfalls and staggering debt.
While experts caution against ringing the alarm bells just yet, they do say tough economic times could push municipalities already on the brink over the edge."
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Yes, this is a sign of things to come. Thanks to Fred Pilot for this link.
1 comment:
It should be kept in mind that these are political subdivisions of the state of California, which itself could also be seriously considering bankruptcy in early 2009 when it runs out of cash.
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