Nation IN BRIEF : PENNSYLVANIA : Senate Passes Bill to Rescue Philadelphia
From Times Staff and Wire Reports
The Pennsylvania Senate, on a 30-17 vote, passed a bill to help Philadelphia avert bankruptcy this summer. The measure would establish a five-member oversight board to sell bonds for the city in return for limited control of city finances. Philadelphia faces a $219-billion deficit. It has been unable to obtain credit because its current debt has a junk-bond rating, and it could default on bonds coming due this summer.
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