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Kucinich rejected the offer. He asked the banks to wait a few months to let him hold a special election on an income tax increase to pay off the loans. The banks said no. Kucinich then tried to force the tax increase in a last-minute city council session and was rebuffed.
It seems that Kucinich was trying to work out a deal, with that tax referendum to pay down the debt, but the banks played hardball.
Also, Kucinich had inherited the debt from a previous (Republican) Perk adminstration, and the banks did not play the same kind of hardball with the Republican they played w. Kucinich
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