It's official: Stockton is largest US city to seek bankruptcy

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Stockton Bankruptcy
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Stockton Bankruptcy
Members of the Stockton City Council listen to citizen statements Tuesday, June 26, 2012, in Stockton, Calif. Stockton officials continue to grapple with the city's financial plight, struggling to restructure millions of dollars of debt threatening to turn the city with the nation's second highest foreclosure rate into the largest American city to file for bankruptcy. (AP Photo/Ben Margot)