Alabama Gov. Miller says financial situation in state is most serious since reconstruction. Schools are reportedly closing for lack of funds; Gov. Miller appeals to teachers to continue working, promises they will be paid through warrants, which are practically "a lien on all property" in the state. Cisco, Texas has failed to make interest payments on bonds; Texas legislature considers repealing law allowing bondholders to put cities into receivership.
This spounds like California, 2010! You can follow all the news from the Great Depression at this website.
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