Harrisburg, Pennsylvania votes 4-3 to declare bankruptcy

Harrisburg, Pennsylvania has joined the growing ranks of American municipalities declaring bankruptcy since the 2008 recession rocked the American economy.
The municipal area of Harrisburg, PA has filed a petition for Chapter 9 bankruptcy with the U.S. Bankruptcy Court. The filing indicated that Harrisburg is in debt to over $400M (a debt five times its annual budget, according to the...