(Was going to attach a cut and paste article here from a newspaper - a city in the USA going bankrupted?. For some reason, can't find the attach button today).

Saw this today.

Initially, I cannot believe that a city can be bankrupted. But on second thought, a city is just like a company with money in and out

Surprising to see this now as the USA economy is widely seem as recovering (and thus the tappering of QE3). How many cities to follow after this?

Similar thing closer to home here in M'sia? Are we spending more than what we earn as a country?