What American cities risk going under?
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Some very large cities run very high budget deficits, meaning they spend more than they receive in taxes. Some of those cities are San Diego, California; Norfolk, Virginia; San Jose, California; Las Vegas, Nevada; Phoenix, Arizona; Reno, Nevada; Chicago, Illinois; Baltimore, Maryland; Yonkers, New York; Honolulu, Hawaii; New York, New York; San Francisco, California; Los Angeles, California; Detroit, Michigan; and Harrisburg, Pennsylvania. Detroit recently filed for bankruptcy protection, and is litigating how much, if any, it will be required to repay bondholders who invested in its municipal bonds.