(multimedia) (CBS News) STOCKTON, Calif. – Stockton, Calif. could become the largest American city ever to file for bankruptcy on Wednesday.
And economists warn other large U.S. cities could be next.
Stockton was a city with big dreams.
In the mid 2000s, it overhauled its marina, built new parking garages, bought a new city hall, and put up a new arena.
The housing market was on fire, and tax revenues were pouring in, so the city took out $190 million in bonds and loans to pay for the projects.
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