Tuesday, January 18, 2011


The town of Vallejo, California will submit its "after-bankruptcy" spending plan to a Federal judge this week. Ordinarily, a story like this would be of little interest to anyone other than Vallejo-ans. But with hundreds and perhaps thousands of US municipalities teetering on the edge of default, the Vallejo case, along with the Pritchard, Alabama case, are being watched very, very closely.