Word: defaulted
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Dates: during 1970-1979
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...Default of Dennis...
Interstate 90 is a city-parting swath through the west side of Cleveland that permits white-collar suburbanites to move easily downtown to work. It was the Monday after Cleveland had become the first major U.S. city since the Depression to default on its debts, and I was on the road, driving downtown to buy concert tickets...
...continually charged with ineptitude and hostility, had to deal with the incomprehensible financial records left by the previous administration of Republican Ralph J. Perk. Then on Dec. 16, Kucinich's refusal to make political compromises and devise a financial package that the banks would accept plunged the city into default...
During the week following the default, amid the prospects of mass layoffs of the city's safety forces and threats of strikes and civil disorders, Kucinich finally backed down on the Muny Light issue. He was forced to sit and watch at an emergency Cleveland city council meeting as fiery president George L. Forbes rammed through legislation that left the sale of Muny Light and a city income tax increase up to the voters in a Feb. 27 referendum...
...that all the major cities of the Northern industrial belt face--problems such as shrinking populations and higher energy costs. And Clevelanders are able to take some consolation from the fact that although confrontation politics and eccentric personalities may have conspired to make Cleveland the first major city to default since the Depression, it will probably not be the last...