Vallejo, Calif. files for bankruptcy protection
(AP)
<p><img src="http://d.yimg.com/us.yimg.com/p/ap/20080523/capt.08d194d387e940238ebe32e4d005c296.correction_vallejo_budget_crisis_fx109.jpg?x=130&y=92&q=85&sig=9Y1uklMo40_pkbGV5gPQlg--" align="left" height="92" width="130" alt="A sign is seen in Vallejo, Calif., on Tuesday, May 6, 2008. The city of Vallejo filed for bankruptcy protection Friday, May 23, 2008, to deal with a ballooning budget deficit caused by soaring employee costs and declining tax revenue. The San Francisco Bay area suburb of about 120,000 residents became the largest California city to seek bankruptcy protection. (AP Photo/Eric Risberg)" border="0" /> (http://us.rd.yahoo.com/dailynews/rss/us/*http://news.yahoo.com/s/ap/20080523/ap_on_re_us/vallejo_budget_crisis)AP - The city of Vallejo filed for bankruptcy protection Friday to deal with a ballooning budget deficit caused by soaring employee costs and declining tax revenue.</p><br clear="all"/>
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