Teetering on the brink of insolvency, Central Falls, R.I. is asking its unions for major concessions to help the city close its $5.5 million budget shortfall and stave off municipal bankruptcy. In a letter sent to the city's police and fire unions today, Central Falls' state-appointed receiver Robert Flanders asked retirees to accept benefit cuts and healthcare contributions that would trim the city's pension payment by at least $1.75 million in benefit cuts and increased healthcare contributions.
And now troubled Central Falls has fallen into bankruptcy.
One reason this debt limit bill, up for a vote in the Senate today, will not work is the promises. Read it, it gives the impression of less spending while all the while increasing spending. No way you will get a consensus of a committee to lower spending. Hell, even if the vote in 2012 gets more Republicans voted into office the fact will not change that Congress likes to spend money it does not have to create agencies, create rules and laws upon those already not enforced. We have more people who have not than people who have and if you do not pay taxes now, why would you want to change the system and pay taxes in the future. Reality was staring Central Falls in the face and now they are bankrupt.