Army Declares Bankruptcy, Appoints Navy…

File photo taken of an abandoned housing area at Ft. Bliss. THE PENTAGON — The U.S. Army announced it had filed for Chapter 9 bankruptcy protection in federal court Friday, sources confirmed. This long anticipated move follows a decade of borrowing against supplemental congressional funding to pay for the wars in Iraq and Afghanistan, a generous retiree pension plan and decaying on-post infrastructure.

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