Obama monitoring Detroit's bankruptcy

Obama monitoring Detroit's bankruptcy

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    Tuesday, June 17 2014 1:47 PM EDT2014-06-17 17:47:06 GMT
    Michigan Attorney General Bill Schuette has given his blessing to a deal that transfers control of art to the Detroit Institute of Arts.
    Michigan Attorney General Bill Schuette has given his blessing to a deal that transfers control of art to the Detroit Institute of Arts.
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    Friday, February 21 2014 12:49 PM EST2014-02-21 17:49:57 GMT
    Detroit's emergency financial manager filed a plan Friday that would bring the city out of bankruptcy, providing a detailed look at what the Motor City would look like when it finally sheds its financial burdens.
    Detroit's emergency financial manager filed a plan Friday that would bring the city out of bankruptcy, providing for the first time a detailed look at what the Motor City would look like when it finally sheds its financial burdens.
  • Gov. Snyder: 'Detroit's comeback is underway'

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    Friday, February 21 2014 11:35 AM EST2014-02-21 16:35:28 GMT
    Gov. Rick Snyder issued the following statement today on the filing of a plan of adjustment by  Detroit Emergency Manager Kevyn Orr that is part of the city's restructuring.
    Gov. Rick Snyder issued the following statement today on the filing of a plan of adjustment by  Detroit Emergency Manager Kevyn Orr that is part of the city's restructuring under Chapter 9 of the U.S. Bankruptcy Code.

WASHINGTON (AP) -- The White House says it's standing by Detroit after it became the biggest city in America to file for bankruptcy.
 
Spokeswoman Amy Brundage says President Barack Obama and senior advisers are monitoring the situation.
 
Brundage adds that while Michigan leaders and the city's creditors understand their responsibility to solve Detroit's financial problems, the White House will continue to partner with Detroit as it tries to recover and maintain its status as one of America's great cities.
 
Thursday's filing in federal bankruptcy court was approved by Gov. Rick Snyder. The move puts the city on an uncertain path that could lead to layoffs of city workers, the sale of city assets, higher fees and cuts in such services as trash and snow removal.

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