A message board outside Stockton City Hall advertises upcoming events at the publicly funded Stockton Arena.
Stockton, California is now the largest U.S. city to declare bankruptcy. The City filed for Chapter 9 protection Thursday after failing to find another way out of its $26 million budget shortfall. What happens next? We talk to Scott Smith, a City Hall reporter for the Stockton Record.
Hit extremely hard by the recession, Stockton has very high unemployment and one of the worst home foreclosure rates in the nation. Crime is also up, and the city has been drastically cutting services for the past few years.