Vallejo on verge of bankruptcy

VALLEJO, CA

The situation came to a head recently when two dozen police officers and firefighters suddenly retired, costing the city four million dollars in buyouts. That, on top of an existing $10 million dollar budget shortfall.

The city council is now looking over an emergency plan which proposes widespread layoffs, salary cuts and new fees.

A town hall meeting is scheduled for Thursday to discuss the situation.

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