Rhode Island's City Of Central Falls Files For Bankruptcy
RENEE MONTAGNE, host:
NPR's business news starts with local government going belly up.
(Soundbite of music)
MONTAGNE: The federal government looks like it will avoid defaulting on its debt, not so the tiny city of Central Falls, Rhode Island. The government there could not work out its financial troubles, including its inability to pay pension benefits owed to its firefighters and police officers.
Yesterday, the city of 19,000 filed for bankruptcy, the fifth municipality to do so this year, according to Bloomberg News.
NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.