I cannot recommend the book Boomerang by Michael Lewis enough. He examines what several countries (Greece, Ireland, Iceland, Germany, the United States) did between 2000-2012 when they were allowed to barrow vast sums of money with little oversight. He's a great narrator and it's an overall insightful book.

Towards the end of the book he examines what a number of American cities did when they were allowed to barrow vast sums of money with little oversight. Thumming through it now he covers Vallejo and San Jose. TLDR would be they bankrupted themselves with pensions and tax cuts.

Oh and it's a light read too. And it has an Arnold Schwarzenegger interview.