Snyder: Won’t Let Detroit Go Bankrupt
(Lansing-WWJ) Gov. Rick Snyder tells reporters in Lansing that he’s not going to let Detroit or any other Michigan city fall into bankruptcy.
Just back from a meeting with bond ratings agencies in New York, the Republican governor said his administration is prepared to work with financially troubled municipalities and school districts.
Snyder said he’ll “work hard” to avoid having an emergency financial manager for Detroit, adding that bankruptcy “shouldn’t be on the table.”
Detroit Mayor Dave Bing and City Council are embroiled in an increasingly contentious budget battle as the city works to eliminate a $155 million deficit by the start of the new fiscal year July 1.
Bing has said repeatedly that failure to come up with a plan could wind up in the appointment of an emergency financial manager to run Detroit.
(Copyright 2011 WWJ Newsradio 950. All Rights Reserved. The Associated Press Contributed To This Story.)