Articles Tagged 'bankruptcy'

Democrats ramp up demand for massive bailout of state and local governments

House and Senate Democrats are escalating calls for an historic federal bailout of state and local governments coping with significant revenue losses due to the… READ MORE

W.H. says Obama monitoring Detroit bankruptcy

President Barack Obama is monitoring Detroit’s municipal bankruptcy, a White House spokeswoman said Thursday, but has not committed any federal help for the beleaguered city. “The president and members of the president’s senior team continue to closely monitor the situation in Detroit,” spokeswoman Amy Brundage said Thursday. “While leaders on the ground in Michigan and the city’s creditors understand that… READ MORE

MI: State Senator Proposes Dissolving City Of Detroit

November 29, 2012
LANSING (CBS Detroit) – It would no doubt be controversial, but the idea of dissolving the fiscally struggling city of Detroit and absorbing it… READ MORE

Detroit mayor announces furloughs to avoid bankruptcy

November 22, 2012
By Mark Guarino, Christian Science Monitor n order to make up for a $30 million shortfall expected by year’s end, Detroit Mayor Dave Bing announced on Wednesday that city employees will take unpaid furloughs and that he would implement “other cost-savings actions” starting the first of January. “We will ensure that revenue-generating departments are not impacted by these cost-cutting measures.… READ MORE

After bankruptcy, California city experiments with letting voters make budget decisions

November 13, 2012 A California city that recently emerged from bankruptcy is taking a new approach to budgeting — this time, by asking voters how it should spend the taxpayers’ money. The question is being put to residents in Vallejo, Calif., a blue-collar port city of 116,000 people. Under a pilot program, Vallejo is using what is known as “participatory budgeting” to… READ MORE


August 20, 2012
SACRAMENTO, Calif. (AP) — One of the nation’s top credit rating agencies said Friday that it expects more municipal bankruptcies and defaults in California, the nation’s largest issuer of municipal bonds. Moody’s Investors Service said in a report that the growing fiscal distress in many California cities was putting bondholders at risk. The service announced that it will undertake a… READ MORE

Rising costs push California cities to fiscal brink

July 12, 2012
By Phil Willon, Catherine Saillant and Abby Sewell, Los Angeles Times Facing the same financial stressors that pushed San Bernardino toward bankruptcy, cities across California are slashing day-to-day services and taking other drastic actions to skirt a similar fiscal collapse. For some, it may not be enough.
San Bernardino on Tuesday became the third California city to seek bankruptcy protection… READ MORE

San Bernardino votes to file for bankruptcy protection

July 11, 2012
The Los Angeles Times The San Bernardino City Council votes to file for bankruptcy. Facing a $45-million budget shortfall and the prospect of not being able to pay city workers, the panel Tuesday voted to file municipal bankruptcy, the third California city to do so in recent weeks. The vote came shortly after the interim city manager recommended seeking bankruptcy… READ MORE

Stockton, Calif. to take up bankruptcy budget plan

June 26, 2012
By Jim Christie (Reuters) – Stockton, California was poised on Tuesday to take a major step toward becoming the largest U.S. city ever to file for bankruptcy after talks with its creditors on Monday at midnight.
Negotiations aimed at averting bankruptcy may press on informally, the city’s spokeswoman said, adding that city officials would next discuss any moves toward bankruptcy… READ MORE

Court clears way for rescue pact for Detroit

March 26, 2012
Ben Klayman, Reuters DETROIT (Reuters) – Michigan’s Court of Appeals has cleared the way for a team appointed by the governor to come up with a consent deal to keep afloat Detroit, America’s historic “Motor City,” which could run out of money in months. The pressure on Detroit is intense. Monday is the deadline for Governor Rick Snyder‘s team to… READ MORE

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