NEW YORK CITY: The Big Apple on the Brink

New York City is an exciting, exceptionally varied metropolis that offers everything people could ever want — and an awful lot of things they do not want. Notable among the latter is an incredible fiscal problem: the Big Apple is slowly going broke. Its budget is expected to be in the red by at least $120 million in this fiscal year and by almost $900 million next year. A few experts even suggest that the city start afresh by reorganizing its finances under Chapter IX of the Federal Bankruptcy Act. Last week the...

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