The city of Stockton in California failed to reach a deal with creditors and will most likely declare bankruptcy. If it declares bankruptcy then it will be the largest U.S. city ever to do so.
Further Reading:
-http://www.nytimes.com/2012/06/28/us/stockton-california-heads-for-bankruptcy-court.html?_r=1&hp
-http://www.foxnews.com/politics/2012/06/26/stockton-set-to-become-largest-us-city-to-declare-bankruptcy/#ixzz1yyC0NF97
Further Reading:
-http://www.nytimes.com/2012/06/28/us/stockton-california-heads-for-bankruptcy-court.html?_r=1&hp
-http://www.foxnews.com/politics/2012/06/26/stockton-set-to-become-largest-us-city-to-declare-bankruptcy/#ixzz1yyC0NF97