America's cities are facing tough challenges when coping with some of the most daunting and widespread fiscal crises in decades.
Facing budget deficits and near bankruptcy conditions in their cities, mayors across the country have been presented with difficult decisions when figuring out what needs to be cut in order the balance their budgets.
Tony Mack, Mayor of Trenton, New Jersey, and Dayne Walling, Mayor of Flint, Michigan are two mayors who have had to make painful cuts in their cities.
Mayor Mack plans to cut 108 police department jobs–a full third of Trenton's police force–to try to deal with a $55 million deficit he inherited. Mayor Walling cut Flint's police force last year by 30%, despite the fact that the city is one of the most dangerous in the country.
Both Mayor Mack and Mayor Walling join Carol Costello on American Morning today to discuss the tough cutbacks they have been forced to make and to weigh in on the recent federal debate over the debt ceiling.
Despite the fact that the debt relief bill passed yesterday, U.S. stocks plunged as fears about a weak economy were inflamed after investors got another disappointing economic report.
Clark Howard, HLN money expert, has written a new book about how to save money in a tough economy titled "Clark Howard's Living Large in Lean Times."
Howard runs through some of the personal finance tips he details in his book with Christine Romans on American Morning today.
The U.S. Senate went on summer recess Tuesday night following the vote on debt ceiling legislation without taking action to fully fund the Federal Aviation Administration.
As a result, 4,000 aviation workers have been furloughed today and the FAA has had to shut down airport construction projects across the country, leaving up to 70,000 workers idle for the next five weeks. The U.S. government is also likely to lose more than $1 billion in airline ticket taxes.
This morning, Michael Goldfarb, former FAA chief of staff, talks with Ali Velshi about why funding the FAA has become a partisan issue and explains if the furloughs will impact airport safety.