Southern California city of San Bernardino votes to declare bankruptcy

SAN BERNARDINO, Calif. –  As recently as last month, no city in California had opted for bankruptcy since 2008, and no U.S. city of more than 200,000 people had ever chosen bankruptcy.

The past two weeks have changed all that, in a big way, as the fiscal struggles faced by so many American cities became too much for some to bear.

San Bernardino became the third California city in that small span to choose Chapter 9 bankruptcy protection with a City Council vote on Tuesday night. Read the full article here