Stockton, Calif., Files For Bankruptcy | WAMU 88.5 - American University Radio

NPR : News

Filed Under:

Stockton, Calif., Files For Bankruptcy

The city of Stockton, Calif., has officially filed for Chapter 9 bankruptcy protection, The Stockton Record writes.

As we reported on Wednesday, the city has a $26 million budget shortfall. Now, it's the largest city in U.S. history to file for such protection. The city has a population of about 300,000.

According to the Record:

"Mayor Ann Johnston [D] said in a prepared statement that filing for bankruptcy was necessary to correct the ailing city finances for the benefit of the community. 'We are extremely disappointed that we have been unable to avoid bankruptcy,' Johnston said. 'We will emerge from bankruptcy with a solid financial future.'

"City leaders say generous pay and benefits for its work force and overborrowing on expensive projects contributed to the crisis. The fall sped up with the nation's economic recession and foreclosure meltdown, which started in 2008."

Copyright 2012 National Public Radio. To see more, visit http://www.npr.org/.

NPR

From Bond Girl To Medicine Woman: Jane Seymour's Big Break

The actress is best known for her role as Dr. Quinn, the physician on the American frontier. But her big break came years before, when she played 007's tarot-reading love interest in Live and Let Die.
NPR

'Into The Wild' Author Tries Science To Solve Toxic Seed Mystery

Jon Krakauer has long been haunted by how Christopher McCandless died in the Alaskan wilderness. In a scientific journal, he and a chemist show that the seeds McCandless consumed can contain a toxin.
NPR

5 Things You Should Know About Ben Carson

The pediatric neurosurgeon performed pioneering operations on conjoined twins and has never held public office before. Here's what else you might not know.
NPR

A Poker Battle Against A Computer

On this day in 1997, Boris Kasparov, the world's top chess player, faced off against IBM's chess-playing supercomputer, Deep Blue — and lost. This week, professional poker players are trying something similar in Pittsburgh, and they're winning.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.