The current financial crisis in the United States is making a bad problem even worse, namely, the sorry state of highways and other core infrastructure components. CBS News correspondent Bill Whitaker reports on this problem in Los Angeles, and how it echoes around the country.

The cab of a fire engine was almost totally devoured by a 15-foot sinkhole in Los Angeles' San Fernando Valley Tuesday, the result of a broken water main. It came just three days after an even bigger break down the road washed away cars and flooded residents and businesses for blocks.

With aging infrastructure failing so spectacularly, the mayor of L.A. says the city is playing catch up when it comes to repair.

"Some of these pipes are more than 100 years old," said Mayor Antonio Villaraigosa.