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California cities face massive budget cuts, default, bankruptcy

Stockton is preparing to default. Santa Ana is outsourcing its fire department. They are not alone. Other California cities, like Bakersfield, are similarly in peril. Much of the problem is due to debt taken on during the real estate bubble and overwhelming public pension liabilities.

Probably the only way out for most of these cities is filing bankruptcy then renegotiating contracts and debt terms.

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