With cities across America on the verge of financial ruin, local governments face two decisions. Like Stockton, California, they can file for bankruptcy. Or, like Chicago, they can dodge that bullet by taking in foreign money.

How would you feel about your city selling its public parking to foreign investors?

What should cities and states do to solve their budget woes? Cut spending, raise taxes or both?

Watch our live discussion above with guests Matt Stoller, John Sullivan, Mayor Ann Johnston (Stockton, CA), Nicole Gelinas and Huffington Post Senior Editor and Stockton native Chris C. Anderson.