Third California city in two weeks declares bankruptcy

◼ San Bernardino voted yesterday to declare bankruptcy — the third state in California in the past two weeks to do so. - HotAir
◼ San Bernardino, facing the possibility of missing payroll, becomes California's third city in weeks to authorize a bankruptcy filing. - LA Times

The city's fiscal crisis has been years in the making, compounded by the nation's crushing recession and exacerbated by escalating pension costs, lucrative labor agreements, Sacramento's raid on redevelopment funds and a city reserve that is tapped out, officials said.