Calif. city might go bankrupt as pay and pensions climb

11/13/2013 | Reuters

Desert Hot Springs, Calif., is considering filing for bankruptcy because of high wages and pension obligations. The city estimates that it will run out of money by March. "It's obvious we can't continue with salaries and pensions that are in the stratosphere, no matter how much love there is for our Police Department," City Council member Russell Betts said. Almost 70% of the city's budget goes toward police costs.

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