Michigan Governor to Declare Detroit Emergency

Announcement expected at noon today

By Mark Russell,  Newser Staff

Posted Mar 1, 2013 9:33 AM CST

(Newser) – Ah, Detroit—it's miserable, murderous, and, as of noon local time today, likely officially in a state of financial emergency. Per Mayor Dave Bing, Gov. Rick Snyder is set to declare that emergency today, which is expected to result in Snyder appointing a financial manager who will seize hold of the city's finances, reports the Detroit Free Press. As Reuters explains, that means the state will effectively take over the city, a move that the Free Press notes is "sure to ignite anger."

The state imposed some oversight on the city in April 2012, but Snyder was frustrated by the slow pace of reforms and instituted a review in December; earlier this month, that review team determined that the situation should be labeled an emergency. Detroit currently has $14 billion in long-term liabilities and a deficit of $327 million, a figure that could grow by $100 million by July. Bing didn't divulge details about what Snyder was going to talk about, but said, "I think everybody's got a pretty good idea of what the announcement will be."

Billions in debt, Detroit could be declared to be in a financial emergency today.   (Gottfried Brieger)
Detroit Mayor Dave Bings listens to a question during an interview with the Associated Press in Detroit, Thursday, June 14, 2012.   (AP Photo/Paul Sancya)
Debris line one of the apartments at the Frederick Douglass Homes housing project on Thursday, Nov. 15, 2012 in Detroit.   (AP Photo/Detroit News, Max Ortiz)
In this Sept. 30, 2012 file photo, workers at a City of Detroit Water & Sewage Department Wastewater Treatment Plant hold picket signs to protest cuts.   (AP Photo/The Detroit News, David Coates, File)
« Prev« Prev | Next »Next » Slideshow
To report an error on this story, notify our editors.

Other Sites We Like:   The Street   |   MSN Living   |   PopSugar Tech   |   RealClear   |   24/7 Wall St.   |   Biography   |   Barstool Sports   |   OK!