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." (Read more Rick Snyder stories.)