Shortfalls for U.S. cities could reach $56 billion

Shortfalls for U.S. cities could reach $56 billion
"U.S. cities will face a collective budget shortfall of at least $56 billion over the next two years, with the current recession not seen hitting bottom until 2011, according to a report on Wednesday.
The National League of Cities said that because economic recoveries in cities lag national ones by about two years, the pain from the recession that began in 2007 could continue for years to come"

$56 BILLION in the next TWO Years??!!!!!!

And the automatic annual step up in pay and COL and pension increases just keep on rolling along......