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"Government is a trust, and the officers of the government are trustees;
and both the trust and the trustees are created for the benefit of the people." - Henry Clay, 1829
"Government is a trust, and the officers of the government are trustees;
and both the trust and the trustees are created for the benefit of the people." - Henry Clay, 1829
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Harrisburg faces possible bankruptcy, as Mayor Linda Thompson and Council weigh their optionsFrom the Patriot News: How bad is Harrisburg’s financial crisis? Consider this: The city’s financial rating has dropped twice since October, and currently sits at junk bond status, but that’s not the worst part. The city may not be able to meet payroll in two weeks and will very likely default on just over $2 million in debt payments due March 1. Even that’s not the worst part. This year, the city owes an additional $66.7 million in debt payments — more than the entire annual city budget. Much of the problem stems from the Harrisburg Authority’s $288 million in incinerator debt, which Harrisburg has guaranteed. The crisis has already drawn national attention from CNN, Bloomberg News and The Wall Street Journal. Mayor Linda Thompson’s original $65 million budget proposal called for raising property taxes by 20 percent and water bills by 40 percent. In the final hours of debate, Thompson also called for $68 million from the future sale of city assets to be earmarked toward this year's debt payments.
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