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I'm not the guy who can go too much in detail about this but I just want give you the gist of the story. Detroit has been a keypoint of Obama's economic recovery used for the stump. But now it's on the verge of being appointed a financial manager from Rick Snyder.

Detroit Free Republic

Jack Martin, the city’s new chief financial officer, said the city will be broke by June 15 but should be able to make payroll for its employees. He said the city will be operating in a deficit situation if the state withholds payments on a portion of the $80 million in bond money needed to help keep the city afloat.

The battle ultimately could lead to an emergency manager if state officials deem the city to be in violation of the consent agreement that gives the state significant control over Detroit’s finances.

But it looks like Michigan is not giving them the revenue they were promised.
Crittendon filed a lawsuit last week saying that the consent agreement was “void and unenforceable” because Michigan owes the city $224 million in revenue sharing plus more than $1 million in unpaid water bills, parking tickets and other debts. Under the city charter, Detroit can’t enter into contracts with entities in default to the city, so Crittendon challenged the consent agreement under her authority to investigate violations of the charter.

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