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News Link • Economy - Economics USA

Detroit in Debt

he Detroit City Council approved a consent agreement with the state of Michigan, giving up some temporary sovereignty over its own financial affairs. The consent agreement means that a nine-member financial advisory board will run the city's operations and budget. The city of Detroit was on track to run out of cash by early May, with a projected deficit of $270 million for this fiscal year. 

1 Comments in Response to

Comment by Ed Price
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So, Detroit gets its own, Federal Reserve Bank style, financial control center.

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