Matthew Deboyd News Today

Agreed to new terms. >> but not enough. >> not enough, exactly. >> the biggest u.s. city to ever file for bankruptcy. what might this mean to other cities across the country? >> it depends. could be a good thing, could be a bad thing. the last city, viello, california, they only had 50 million in debt. not a billion dollars like stockton. you dont want another situation where the bankruptcy goes on and on and its a terrible thing, and what they want to have a is a quicker, in and out sort of dea...

Creditors seized city hall earlier this year. the city laid off police and firefighters, prompting officials to say public safety at a crisis level. joining me now is economic reporter, matthew deboyd. boy, sounds really tough out there what led to the situation in stockton, california. >> hi, ñirichard. what happened was stockton really wanted to capitalize on the housing boom in t( early 2000s. very near san francisco. it wanted to become a bedroom community for the san francisco bay area, an...