It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
The struggling U.S. city of Detroit is on track to run out of money in May instead of April after spending changes made by city officials, Michigan Treasurer Andy Dillon said on Tuesday.
Dillon addressed media following a two-and-a-half-hour meeting with a team that is looking at Detroit's financial picture and trying to assess whether the city needs an emergency manager to take over operations. It was the first time the 10-member team met since it was appointed last month.
He said Detroit's most urgent issue is figuring out how to arrest escalating retiree health care costs, and clean up a balance sheet laden in debt and interest costs. Detroit Mayor Dave Bing had earlier predicted it would run out of money in April if spending wasn't curbed.
"It's my understanding that April has been pushed back to May," Dillon said, noting that the mayor "needs concessions from labor to avoid running short of cash."
In a move believed to be the first under sweeping new state legislation, Emergency Manager Joseph Harris suspended decision-making powers of city officials Friday.
Originally posted by luccadeo
Detroit is the prime example of what liberal socialism does to an economy.