Just as Vallejo, Calif., starts to pull itself out of municipal bankruptcy, Stockton, its Central Valley neighbor, hurtles towards financial collapse. Calling Stockton's fiscal problems "chronic and severe," city officials have declared a state of fiscal emergency for the second time in two years, The city is facing a $37 million budget gap this year, a 60% increase from last year's $23 million shortfall, according to Bond Buyer.

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