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Patrick: We’re Not Bankrupt

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(CBS)

(CBS)

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BOSTON (AP) – Massachusetts is facing at least a $1 billion budget gap, but Gov. Deval Patrick says there is no need for the state to consider filing for bankruptcy.

States currently are prevented from filing for bankrutpcy, as a corporation or city might. But some like Illinois and California are facing situations so dire that bankruptcy has been discussed as a possible way to break union contracts and reconstitute their financial situation.

Patrick says, “We don’t need that.” And when asked if he’s considered it, he replies, “Nope.”

He will unveil a fiscal 2012 budget next week containing heavy cuts in large part required by a loss of federal stimulus money.

(© Copyright 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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