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.”


Leave a Reply

Please log in using one of these methods to post your comment:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Detroit

Best Cooking Classes In DetroitLearn how to whip up some wonderful dishes while having fun!
5 Bucket List Items To Cross Off In DetroitThe “must-do” items for anyone making a trip to Detroit.

Watch & Listen LIVE