06/06/2010 05:12 am ET | Updated May 25, 2011

Los Angeles On Track To Run Out Of Money In 4 Weeks

The city's top financial official issued a grim assessment of the escalating budget crisis Monday, warning that Los Angeles could be unable to pay its bills in just over four weeks.

City Controller Wendy Greuel declared an "urgent financial crisis" and said the only way to continue paying bills in the short term was to begin to drain the city's already limited emergency reserve.