Rick Snyder News
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Updated 2 hours, 20 minutes ago
Emergency Manager Kevyn Orr’s plan to suspend payments on $2 billion of Detroit’s debt threatens a basic tenet of the $3.7 trillion municipal market: that states and cities will raise taxes as high as needed to avoid default.
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Updated 2 hours, 18 minutes ago
Detroit is suspending payments on $2 billion of unsecured debt, marketing parking garages and telling retirees to rely on President Barack Obama’s health-care law to avoid a record municipal bankruptcy.
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Mobile phones and iPads will be banned and more than 100 creditors and union leaders will have to show photo identification to hear Detroit emergency manager Kevyn Orr demand concessions to erase a $386 million deficit.
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Detroit residents condemned and praised Emergency Manager Kevyn Orr at a forum he used to drive home the severity of the city's fiscal crisis, which has pushed it to the brink of bankruptcy.
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Whether Detroit careens into the largest U.S. municipal bankruptcy depends on emergency manager Kevyn Orr’s convincing creditors during the next two months that his plan will revive a city plagued by deficits, crime and strained services.
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Florida’s business community, a bastion of conservatism on most matters, was among those pushing hardest for a state measure that would have adopted a major part of President Barack Obama’s federal health-care law.
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Detroit’s emergency financial manager may decide within six weeks if he can avert bankruptcy. Bond investors are buying the Michigan city’s insured debt at a discount in a bet they’ll get paid regardless of the outcome.
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J.C. Penney Co.’s net loss widened in the first quarter as the department-store chain works to rebound from former Chief Executive Officer Ron Johnson’s failed makeover.
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Detroit’s bond payments are “crushing” the city by hindering spending on public safety and are among the first liabilities that need to be addressed, emergency financial manager Kevyn Orr said.
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Retailers that want the Republican-led U.S. House to pass legislation letting states collect sales taxes from out-of-state sellers have some skillful lobbyists on their side: Republican governors.
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