Stockton Weighs Bankruptcy

Stockton is an hour east of the San Francisco Bay Area, a city of almost 300,000 people and a port on the San Joaquin River. During the housing boom, the population increased, and that led to investments in public projects. But the housing collapse brought Stockton the second highest foreclosure rate in the country. If negotiations with creditors don't produce a settlement by tomorrow, it could become America's largest city to declare bankruptcy.