Another bankrupt US city?

Detroit mayor warns city could run out of money by April; calls for 10% police, fire salary cut

Detroit Free Press, 

16 November, 2011

In a live broadcast, Detroit Mayor Dave Bing again warned residents tonight that the city could run out of money by April, and faces a $45 million cash shortfall by the end of June.

“Simply put, our city is in a financial crisis and city government is broken. That’s not new. That’s not an opinion. That is a fact,” Bing said from the Northwest Activities Center. “I promised when I ran for this office that I’d tell you the truth, even when it wasn’t pretty or popular. The reality we’re facing is simple. If we continue down the same path, we will lose the ability to control our own destiny.”

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