Business Update on KPCC: Cities not out of the fiscal woods

We're getting another reminder of that with L.A. Budget Chief Miguel Santana urging that the city put off raises for 20,000 workers. Actually, city revenues are expected to increase about 1 percent, but that's not nearly enough to cover a deficit of $220 million. City officials will somehow manage to contort the numbers so they balance out, but the same can't be said of Stockton, which has run out of contortions and is verging on bankruptcy. Available at kpcc.org and podcast (Business Update with Mark Lacter). Transcript is after jump