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In a letter accompanying the filing, Michigan's Governor Rick Snyder said he had approved a request from Detroit Emergency Manager Kevyn Orr to file for Chapter 9 bankruptcy protection noting, "Detroit simply cannot raise enough revenue to meet its current obligations, and that is a situation that is only projected to get worse absent a bankruptcy filing."
Snyder, a Republican, named Orr in March to tackle the city's spiraling long-term debt, which is estimated at $18.5 billion.
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12 comments:
Liberalism personified.
This is the result of liberal policies--America--you better wake up!
Five years of Obama, no surprise here!
What fool would loan Detroit money to start with?
Detroit has not had a Republican mayor or city council in 60 years. Does that tell you anything?
Watch the Muslims buy ALL the property.
Might as well add Detroit to the growing bankrupcy list. Stockton, CA, San Bernadino, CA, Detroit, MI, Baltimore, MD (soon to be) - so on so on.
And the Obama/O'Malley administration touts that the economy is rebounding.
Detroit has been trash hole for the past 30 years. Has nothing to do with the current administration. This was long time coming. And if Obama did pay attention to this city ppl would complain that tax money was spent. Oh wait you already did when he bailed out the automotive industry....
Detroit has been ran by which political party?
I rest my case!!
This sad state of affairs comes from poor management, unions, and extensive liberal agenda nonsense. Their backing of the Kenya idiot did not help the situatin at all.
Why can't the Fed print up a couple bil for Detoilet? They're printing 85bil a month as it is.
I wouldn't be so quick to laugh it off - as Maryland is in the same boat. Baltimore is in pitiful financial shape and that city will take the rest of the counties down with them.
It's not a question as to will it happen - it's more about when.
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