Life in Californistan
How's that big government spending working out? From
Reuters:
Stockton, Calif. to take up bankruptcy budget plan
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 at the city council meeting on Tuesday evening.
The council's main order of business will be taking up and voting on a proposed budget to guide Stockton during bankruptcy, an option city officials have been considering since February.
Actually, a very good move on their part as this will allow them to renegotiate contracts with the Unions.
More:
About $7 million in savings would come from cutting retiree health care benefits for one year and then phasing them out. Stockton officials have said the benefits are a crushing expense due to their fast rise and projected liability of $417 million.
Yeah -- they keep voting themselves more bennies without stoping to think of how they are going to be funded. Self-centered idiots...
Posted by DaveH at June 26, 2012 12:24 PM