[goldstategop]

In 1994, Orange County, CA went bankrupt. It was then the largest public default recorded in American history. If you thought the cresting wave of home foreclosures and skyrocketing federal and state debt was bad, you ain't seen nothin' yet!

"Show me just what Mohammed brought that was new, and there you will find only things evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelogus

[SoCal Pubbie]

I would like to point out that that bankruptcy was brought about by Robert Citron the only Democrat to hold office in otherwise Conservative/Republican Orange County at the time.

[dragnet2]

Oklahoma’s budget has country’s biggest deficit

Only a few months removed from being declared "recession-proof” by national media, Oklahoma faces the largest state budget deficit in the nation, according to a report given by the National Conference of State Legislatures. Advertisement

The conference’s November update of state budgets says Oklahoma’s 18.5 percent shortfall for the current fiscal year edges out Arizona’s 18 percent, with Illinois, at 16.5 percent, in third.

http://newsok.com/oklahomas-budget-has-countrys-biggest-deficit/article/3426247

[cherry]

what exactly happens when a default occurs?...didn't the US govt taxpayers bail out Orange county?

nothing will change...

instead of large layoffs of overly paid govt workers with huge pensions, the govts will pretend that THAT is not the problem, but as we all know....IT is the problem.....

lay off police....lay off a large number or make the union agreed to drastic cuts in benefits and pensions.....and keep the pay sane....

do that to all depts and the problem would be solved....