>> the economy continue z s to be a huge issue in california and that state's severe budget crisis has taken another big toll with stockton , california declaring bankruptcy. nbc's ron allen has more tonight.
>> reporter: at a city council meeting residents beraded the city leaders.
>> the decisions that you are making tonight are throwing a grenade in my life.
>> reporter: cuts to pensions and health insurance .
>> the world is watching so they can see we are victims of a society that is failing us.
>> reporter: city says bankruptcy was the only option left. 300,000 live in the city which that has cut 35% of police, 30% of fire and 30% of staff.
>> there aren't enough fingers on your hand to count the people to blame for this.
>> reporter: stockton borrowed heavily and built up the downtown and then the bust. so many foreclosures the city ran bust tours to attract buyers. the police warned of souring crime rates. forbes magazine declared it the most miserable city in america. california set up a law designed to help cities avoid bankruptcy. stockton was the first to use it but it failed. it is not alone. at least 13 government entities across the country filed for bankruptcy protection .
>> it was the toughest decision we have had to make.
>> reporter: the leaders must now hammer out a bankruptcy budget with creditors and put a rescue plan in place for better days ahead. ron allen nbc news. los angeles .
Source: http://video.msnbc.msn.com/nightly-news/48107310/
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