By Tricia Kang |Staff Writer| The San Bernardino City Council filed an emergency petition for Chapter 9 Bankruptcy in the court proceedings. Chapter 9 is to provide a financially-distressed municipality protection from its creditors while it develops and negotiates a plan for adjusting its debts according to the United States Courts website. Officials realized that they needed to address the management in order to give the city a chance after it went into bankruptcy in 2012, for $45 million. City council members expect San Bernardino to emerge from Chapter 9 protection within Spring of 2018, as a debt free city. A hearing confirmed of the City's Plan of Adjustment of Debts is … [Read more...] about City Council Roundup, Chapter 9 Bankruptcy
recovery plan
Obama’s plan for re-election: a $3.8 trillion recovery plan
By Krystina Pedersen |Staff Writer| As the days until the November 2012 presidential elections dwindle down, Pres. Barack Obama attempts to keep his job by proposing a $3.8 trillion budget for U.S. recovery. "My budget will keep recovery ‘on track’," said Obama. He proposed a budget in an attempt to generate economic recovery through "necessary" spending on job training, education and by dedicating $8 billion to community colleges. The biggest amount Obama has set aside is an outstanding $476 billion six-year transportation package. Gasoline tax expenses will cover more than half of the total $476 billion six-year commitment. As much as $231 billion would be financed through savings … [Read more...] about Obama’s plan for re-election: a $3.8 trillion recovery plan
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