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2012-06-27 — nytimes.com
The long, slow slide into financial collapse is nearly complete for this Central Valley community.
On Tuesday night, City Council members approved a new budget that will guide city operations during bankruptcy and amend a $26 million budget shortfall. With that vote out of the way, city officials could file for Chapter 9 bankruptcy as early as Wednesday, which would make this the country's largest city to go bankrupt.
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