Small towns teeter near bankruptcy

"By robbing Peter to pay Paul, we can probably go three to six months under these circumstances," said Xavier Bishop, mayor of Moss Point. Waveland will have enough to cover the next two pay periods but could be bankrupt after that. Biloxi's mayor gives his city six months. Pass Christian lost all of its tax base and is in bad shape. Gulfport's mayor said his city has enough cash reserves to last another three months. Pascagoula has enough in reserves to last at least a couple of months.