Another California city is preparing for bankruptcy: Compton is due to run out of money on September 1. That would make it the fourth California city to go under since June.
Last year, four other municipalities across the United States did the same - from Harrisburg, Pennsylvania to Jefferson County, Alabama. Crushing debts left them unable to pay their bills.
Outfront tonight: The former chairman of the White House Council of Economic Advisers , Austan Goolsbee.
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