In the bankrupt city of San Bernardino, Calif., one entrepreneur isn't waiting for help from City Hall to achieve what he calls his destiny — to launch a global fast food chain from the city.
Since San Bernardino declared bankruptcy this summer, tensions have been rising and elected officials have been struggling to agree on a big idea to fix the city's problems.
San Bernardino is struggling to find its way out of the recession and out of bankruptcy. Crime is one of the biggest problems the city is facing, and there are many competing solutions.
Long struggling, San Bernardino couldn't weather the storm of the 2008 recession. The city of more than 200,000 has declared bankruptcy, and that's just one of the big problems it's facing.
That's grown from $9.2 billion. The $16 billion is in projected spending, and that would be more than the money that could come in. Gov. Jerry Brown is expected to talk about the details later today.
Amid gloomy reports of government budget deficits, there was some good news at the National Governors Association meeting in Washington. State tax revenue has been rising at the fastest pace since 2006. Many states are even reporting surpluses.
As Michigan's governor attempts to close a budget gap of more than $1 billion, a tax credit for the working poor may disappear, and small businesses might get a break on taxes.
