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Could Illinois be the first state to file for bankruptcy?

from CBS News

Illinois residents may feel some solidarity with the likes of Puerto Rico and Detroit. A financial crunch is spiraling into a serious problem for Illinois lawmakers, prompting some observers to wonder if the state might make history by becoming the first to go bankrupt. At the moment, it's impossible for a state to file for bankruptcy protection, which is only afforded to counties and municipalities like Detroit. more


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