The bankruptcy of Detroit, which may cut retirement benefits of 30,000 current and former city workers, is causing investors to scrutinize billion-dollar shortfalls in government pensions in other parts of the country.
Philadelphia is scrounging for money to reduce child lead poisoning. Mesa, Arizona’s sales-tax revenue is softening as Boeing Co. suppliers cut back. Oklahoma City anticipates less spending from its largest employer, Tinker Air Force Base.
Philadelphia Mayor Michael Nutter, whose municipality has the lowest credit rating of the five most-populous U.S. cities, will address investors at a conference financed by underwriters and closed to the public and the press.
Hurricane Irene killed at least 18 people from Puerto Rico to Connecticut, caused an estimated $3 billion in damage and cut electric power to more than 4 million homes and businesses across the eastern U.S.
Hurricane Irene killed at least 40 people as it moved from the Caribbean through New England, left an estimated $2.6 billion in damage and cut power to almost 8 million homes and businesses along the U.S. East Coast.