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If it fails, the city could become the largest in the US to file for bankruptcy.

A snow cone vendor pushes his cart down a street in April 2008 in Stockton, California. Stockton's economy has been suffering for years. In 2008, one in every 30 Stockton homes was in foreclosure. In 2012, Stockton is preparing to become the largest US city in history to file for bankruptcy.

Justin Sullivan