Detailed text transcripts for TV channel - FOXNEWS - 20100512:13:54:00
Spiraled, costing the city $280 million in the red. this year's debt payment is 68 million, more than the city's operating budget. >> our financial situation is so bad. in a sense, we're bankrupt now and going into bankruptcy is just a more formal recognition that we cannot pay these debts. >> but the mayor is fighting against bankruptcy, suggesting alternatives like raising taxes, cutting spending, even selling the city's assets, including its parking garages, rick. >> or maybe that museum stuff, rick. >> reporter: yeah. >> how rare would it be if a city were to declare bankruptcy? >> it's ac...
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