Shaky Wall Street Has Bing Concerned About Debt
DETROIT (WWJ) – In the wake of Wall Street’s shaky week, Detroit’s mayor is wondering if his city will take a financial hit.
Detroit mayor Dave Bing has been keeping an eye on the roller coaster ride on Wall Street. He’s worried about the potential impact on the city’s long-term debt.
“Absolutely I’m concerned, but I think we’ve got to wait until the dust settles a little bit so that we know because the market has been going up and down on a daily basis. So, we really need to take a step back to see what the fallout is going to be and then sit down and make some longer term decisions,” says Bing.
The mayor says he does not believe the wild ride on Wall Street will effect the city’s 2011-12 budget. “I think our debt over the long term is what I’m concerned about, not so much the budget for ’11-’12. I think that’s in pretty good shape,” says Bing, adding, “But over the long haul, we’ve got a lot of debt that’s out there and we’ve got to talk about that.”