AL County $3.1 Billion in Debt

    Joe Minter, Harry Turner, and Mabel Nunn protest outside the Jefferson County courthouse as the county commissioners meet about the Jefferson County bankruptcy in Birmingham, Ala. on August 12, 2011. (AP Photo/Butch Dill)

    Butch Dill

    Leaders of Jefferson County, Alabama’s largest county, rejected a settlement with Wall Street to pay off $3.1 billion in debt. The rejection lays the groundwork for filing bankruptcy, which would be the largest municipal bankruptcy ever filed in the U.S. The county has $3.1 billion in debt from its sewer system, and another $1 billion in debt that has been blamed on the economy, court rulings, and public corruption.

    Read it at Associated Press