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Yesterday’s Wall Street Journal had a piece on municipal bankruptcy (subscription required), a subject we wrote about early this week.
I linked to the story in this morning’s Agenda, but I wanted to highlight it, especially because there’s a mention of San Diego.
The Journal notes a trend that more cities are considering filing for bankruptcy. Its two primary examples are the bankrupt Bay Area city of Vallejo, a case we look at from time to time, and Harrisburg, Penn.’s state capital, which seems to be on the verge of bankruptcy because the city can’t pay its bond debt.
San Diego appears in the story as an example of a city where there have been bankruptcy rumblings:
In San Diego, political leaders have faced outside pressure to file for Chapter 9 bankruptcy protection as a way to get around benefits packages for public workers. San Diego Mayor Jerry Sanders has publicly dismissed the idea.
— LIAM DILLON