It looks like San Diego is not the only city in America contemplating bankruptcy. The Pennsylvania city of Harrisburg may be next on the list.

On Monday, Harrisburg Mayor Linda Thompson, told reporters at a City Hall news conference that the city has a budgetary gap of $3.8 million, which is expected to grow to $164 million in the next five years. The city of Harrisburg currently owes $68.7 million in guaranteed debt-service payments this year, according to a report by the city's consulting firm, Management Partners. The management firm has implemented an emergency financial plan to nurse the city back to financial health, but such hopes may be somewhat too optimistic, given the city's massive debt.

Although not mentioned in the press conference, the issues report mentions several deficit-reducing strategies the city could implement, including increasing taxes, increasing water rates, doubling sanitation fees, selling assets and increasing parking fines.

But optimism is low that the city can avoid insolvency. City Controller Dan Miller seems to think that bankruptcy may not be the worst option, claiming that bankruptcy would allow for flexibility in dealing with creditors.

"I think we should seriously explore bankruptcy because I think it's our best option," Miller said.

Mayor Thompson, however, was of a different mindset on Monday.

"Bankruptcy is not on my table as an option," said Thomson.

Bankruptcy may be the best option, though. And the semantic phobia of the word "bankruptcy" may cloud greater judgment. Often, people fear the "B" word and don't file bankruptcy, despite the fact that it may be the best option.

Interestingly, San Diego City Attorney Jan Goldsmith voices the same view over bankruptcy, claiming that it's not a fix for the city of San Diego's financial woes.

But perhaps if decision-makers can get past the ever-phobic "B" word, a greater good can emerge. Bankruptcy is not as scary as it sounds.