As part of a growing trend, Compton California is on the verge of bankruptcy. When it files (and it will eventually), it will become California's 4th city to do so.
The Huffington Post reports Compton Will Run Out Of Funds By September 1
Compton, Calif. could be the fourth city in the Golden State to seek bankruptcy protection.
At a city council meeting Tuesday, officials announced that Compton is set to run out of funds by Sept. 1. Compton, which has only 93,000 residents, faces a deficit of $43 million after having depleted a $22 million reserve, reports Reuters.
"I have $3 million in the bank and $5 million in warrants due in the next 10 to 12 days," said city treasurer Doug Sanders during the live-streamed city council meeting. "By then, the council will have a decision to make: don't pay the bonds, default on them, or have a serious talk about bankruptcy."
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7 comments:
I wonder if any Maryland cities or counties are close.
Yes
Every State where democrats are in control has the same problems
Liberal policies.
That's one way to get union contracts broken.
12:14
Is it " liberal policies" , or is it criminal behavior?
The crony capitalism involved in all politics (even local level) will bankrupt us all. (think fire house debacle).
Both political parties are corrupt
maryland is right behind this state. ignorance and poor liberal policies aren't cheap and they're very, very painful.
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