California's debt

Business Daily comes from Vallejo, the Californian city which went bust four years ago.

It's now out of bankruptcy and its citizens have voted to raise their taxes to keep it out of trouble.

So is that the solution for the state of California, crushed by a $18bn deficit and indeed the US as a whole?

And can it happen in a land where tax rise is a dirty word?

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18 minutes

Last on

Tue 5 Jun 2012 11:32 GMT

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