Alabama state lawmakers yesterday spurned a bid by bankrupt Jefferson County to restore a local jobs tax that county leaders say is needed to pay Wall Street banks that are owed $4.23 billion, Reuters reported yesterday. The jobs tax is estimated to bring about $60 million in yearly revenue to Alabama's most populous county, which in 2011 filed the largest U.S. municipal bankruptcy case. Without the revenue, Jefferson County officials may have to cut more government staff and default on a $10 million general-obligation warrant payment due Oct. 1.
