NATIONAL: Detroit Declared in Financial Emergency

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Detroit is in a state of financial emergency, Michigan Gov. Rick Snyder (R) said Friday.

“There’s probably no city that’s more financially challenged in the entire United States,” said Snyder. “We need to start moving upward with the city of Detroit.”

Mayor Dave Bing has a 10-day period in which he can request a hearing, after which point, according to the Associated Press, Snyder can appoint an emergency financial manager for the city or revoke his decision.

Snyder said Friday he had several names in mind for the position. He describes his top choice as someone with a strong professional resume who is, he said, “a people person.” He did not name the individual.

His statement at Friday’s forum holds up a state review team’s findings of a severe financial emergency in the city, pointing to more than $14 billion in long-term liabilities, including underfunded pensions. The city is also poised to end the fiscal year more than $100 million in the red without an infusion of cash. Snyder received the report last week.

Bing said Thursday he was aware of Snyder’s decision and ready to work with the state.

“I think we have to learn to make the best out of a bad situation,” he said. “The state and the city will have to work together to get us out of this.”

“I never fought help, I never pushed back. I’m a team player,” the mayor added.

Neither Bing nor any City Council members were present at the announcement. Snyder said Friday both had made steps towards resolving Detroit’s fiscal problems, particularly in the last few months, but it wasn’t enough to fix the city’s massive debt.

To read more on this story, click here: huffingtonpost.com

Article Courtesy of The Huffington Post

Picture Courtesy of Getty Images and The Huffington Post

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