Atlantic City is taking a gamble that firing some of its city workers will shore up its deficit. Economists say cuts by state and local governments are creating a drag on the economy.
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Freddie Mac and Fannie Mae are quickly becoming the most expensive part of the financial meltdown. As of April, the two companies were sitting on more than 160,000 foreclosed homes.
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The city incinerator in Harrisburg, Pa., is almost $300 million in debt. And because the city backed the Harrisburg Authority, which owns the facility, it is responsible for the $68 million bill this year.