III Percent Patriots: Rightful liberty is unobstructed action according to our will within limits drawn around us by the equal rights of others. ~ Thomas Jefferson


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Oct 12, 2011

Cratering


Harrisburg PA goes Ch9

Pennsylvania's capital city voted to file for Chapter 9 bankruptcy protection on Tuesday as it faced a state takeover, according to media reports.

The City Council voted 4-3 to seek bankruptcy protection for Harrisburg, which has a debt burden five times its general-fund budget "because of an overhaul and expansion of a trash-to-energy incinerator that doesn’t generate enough revenue," Bloomberg Businessweek reported

The bankruptcy means the city will lose state aid, but that is better than the proposed recovery plans, Councilwoman Susan Brown-Wilson said, according to Bloomberg.

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