The city of Stockton, Calif., is filing for bankruptcy protection after talks with creditors ended in failure. On Tuesday night, Stockton's City Council voted to stop payments on bonds, enacted a hand-to-mouth budget, and slashed the health and retirement benefits of city workers, and the city manager is expected to formally file bankruptcy papers immediately. Stockton, a city of about 300,000, borrowed heavily during the real estate boom; now it's the nation's largest city to seek municipal bankruptcy.
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
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- 43 TV shows to watch in 2014
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- How to be the most productive person in your office — and still get home by 5:30 p.m.
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- A brief history of the Christmas present
- Pope Francis' American problem
- Diagnosing the Home Alone burglars' injuries: A professional weighs in
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- Vox, derp, and the intellectual stagnation of the left
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