City of Detroit Seeks $10B Bailout

Detroit's city council is calling for the federal government to bail out the city to the tune of $10 billion, reports the Detroit News. The funds would be used to create jobs, improve mass transit, and tackle the city's foreclosure crisis. Council members are also seeking meetings with federal officials, including Barack Obama's transition team. The federal government allocated $47 million to Detroit earlier this year to help deal with foreclosure fallout.

"No city needs a bailout more than Detroit," said the councilwoman who sponsored the resolution. "The best economic stimulus we need in the city of Detroit is people working. Detroit has got to be leading the way on this." (More Michigan stories.)