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The fallout continues after Detroit made history yesterday as the biggest US city ever to file for bankruptcy.
According to Michigan governor Rick Snyder creditors fear the city may never pay them back but he says it's right no longer has any other off.
But I also want to emphasize.
I don't view this.
As a terrible answer in the sense that now's your opportunity to stop sixty years of decline.
This is fundamental.
Has anyone like that betrayed -- five years ago ten years ago -- fifteen years ago how long has this gone I'm.
And people had not stopped to say stop kicking the can down the road and do something.
At one time Detroit -- the fourth largest city in the nation a symbol of industrial might with a population of nearly two million people but a long slow decline in its population.
And an auto manufacturing and years of corruption.
Left it nearly twenty billion dollars in debt.
Now crime is rampant houses homes thousands of them sitting vacant nearly half of the city street lights don't work.
Experts say many creditors pensioners and unions stand to lose a significant amount of money with this bankruptcy now.
And with the White House saying it's closely monitoring the situation some people are wondering if the government might step in with a bailout.
My tennis is live in our midwest newsroom Mike how likely is a federal bailout.
-- -- -- hair's so White House spokesman Jay Carney and a vice president Joseph Biden made -- pretty clear today that the local leaders which pretty much means governor Rick Snyder.
And the emergency manager Kevin or are on their own to handle Detroit's problems.
There we -- the short we are now.
Exactly in detail what that -- and beating.
Yesterday just giving you -- on the status.
Question it is.
We don't know.
The city is eighteen point five billion dollars in data significant portion of that is the dramatic underfunding of city employee pensions emergency managers office says.
But the city only generates a billion dollars in revenue and cannot pay down the debt Harris -- A Michigan judge -- ruled that the bankruptcy is unconstitutional.
You know and take a look at the order that came from this county judge it says here hand -- at the bottom -- copy of this order shall be transmitted to President Obama.
It is so ordered and they judge signed it now this judge believes that what the governor and emergency manager did was unconstitutional against Michigan's constitution.
Because it lessons employee.
Pension benefits in the long run.
Now the Michigan attorney general immediately appeal the governor's office issued a statement saying they're confident that what they did is constitutional and legal.
-- a collection of legal expert says this county judge has no authority they'd tell authority to interfere with the federal proceeding.
-- Mike -- thank you very much.
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