04/13/2011 11:43 am ET Updated Jun 13, 2011

Gary, Indiana Officials Seeking Bailout To Avoid Deeper Budget Cuts

Officials in Gary, Indiana are awaiting a decision from the state on whether it can avoid making painful cuts to its already bare-bones budget.

Indiana's Distressed Unit Appeals Board (DUAB) will decide Wednesday whether to allow Gary to get around the state's constitutionally required property tax caps, which stand at one percent for homeowners and two percent for businesses.

If it gets the exemption, the city could avoid cutting $11 million from its current budget of $41 million. If it doesn't, Gary officials will likely have to make deeper cuts from public safety and other services. Just last fall, the city cut 30 firefighters due to a tight budget.

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