A must-listen to piece from NPR called, "Many Cities Hold Off Declaring Bankruptcy."
Those of you who have been involved with the financial troubles of the city from the start of this year know that I asked for information on the consequences of not having enough money to pay the bills at least a couple of times during council meetings. Many of us are old enough to remember New York City's financial troubles in the 1970s and I very distinctly remember when Bridgeport, CT became the first major city to file for Chapter 9 protection in 1991. And of course Cleveland defaulted in 1978.
The NPR story is just four minutes, but it's fascinating, even if just affirmation of what so many municipalities are facing.