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RENEE MONTAGNE, HOST:
NPR's business news starts with another California bankruptcy.
San Bernardino is the latest city here in California to seek bankruptcy protection, the third to do so in a month. San Bernardino is about an hour east of Los Angeles, with a population of about 200,000 people. But its importance has magnified because it sits at the center of the county with more than two million people.
The entire area has been hurt by the housing crash and high unemployment. Now, the city of San Bernardino is facing a $45 million budget shortfall. Transcript provided by NPR, Copyright NPR.