The municipal bankruptcy epidemic: By the numbers

Across the country, local government agencies face gaping budget deficits caused, in part, by massive borrowing and shrinking tax revenues

California state capital building
(Image credit: Wes Thompson/Corbis)

The federal government may have avoided defaulting on its debts, but many local governments probably won't be so lucky. Dozens of cities and counties across the country are struggling to make ends meet, after the recession and housing market collapse left them with dramatically reduced property tax revenue. As they struggle to pay off debts and financial obligations acquired during the boom years, they're also receiving less money from state government, and the feds. Here, a look at the plight of local governments, by the numbers:

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