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Detailed text transcripts for TV channel - FOXNEWS - 20120713:09:16:00

Employee salary and pension obligations. bigger debt and holes to dig out of. it starts in california 300 thousand was the largest city ever to file for chapter 9 bankruptcy. that allows the municipal government to attack bigger problems. they have broad authority to undo or otherwise modify collective bargaining agreement. aside from detroit three other cities have earned multiple junk bond rating littlefield texas and two in rhode island. another 22 have a junk bond rating from one of the ratings firms including camden, new jersey home to 80,000 people. they have been getting along the last two or three years muddling through making cuts along the way. even cities like chicago are on notice. shy town ratings are in april ....

Chapter 9 Bankruptcy , Pension Obligations , Out Of , 300 Thousand , Collective Bargaining Agreement , Junk Bond Rating , Ratings Firms , New Jersey , Rhode Island , Littlefield Texas , Town Ratings , Making Cuts ,