01/09/2009 05:12 am ET Updated May 25, 2011

Gary Petitions State For Bailout

Indiana is putting a cap on the amount of property taxes local governments can collect. That has some cities in Northwest Indiana filing for state assistance Under the tax caps, the already financially stressed city of Gary will lose nearly $40 million next year.

Its neighbor, East Chicago, $18 million.

Gary Mayor Rudy Clay says something needs to be done to help shore up his city's budget

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