There's a lot on the agenda as Detroit's emergency financial manager tries to meet a deadline to decide whether the city and escape a bankruptcy filing.» Read More
Rick Snyder and leaders of the GOP majority in the Legislature reached a budget agreement Tuesday for next fiscal year that doesn't include an expansion of government health insurance for low income-adults and puts Michigan's unexpected surplus toward funding roads and K-12 education.
There's a lot on the agenda as Detroit's emergency financial manager tries to meet a deadline to decide whether the city and escape a bankruptcy filing.
DETROIT, May 19- Bond restructurings, negotiated settlements with bondholders and bond insurers, and tough talk with unionized workers are on the agenda as Detroit's emergency financial manager tries to meet a self-imposed, six-week deadline to decide whether the city can get through its financial crisis without a bankruptcy filing.
LANSING, Mich.-- A continuation of a 1 percent tax on health insurance claims passed Michigan's Senate Thursday, but yet to be resolved is how to ensure the levy brings in enough revenue for Medicaid, which serves 1.9 million low-income state residents. Rick Snyder's proposed expansion of Medicaid eligibility to 320,000 more low-income adults.
LANSING, Mich.-- There was no dearth of ideas about what to do with the state's newfound $483 million surplus on Wednesday after Michigan budget experts made the dollar figure official.
DETROIT-- Detroit's next mayor will inherit a city low on cash and an office low on power, yet nearly two dozen candidates are seeking the job anyway.
LANSING, Mich.-- State fiscal analysts reported Tuesday that Michigan is on pace to bring in at least $382 million more in tax revenue than projected earlier this year, which was welcomed news as the governor and lawmakers prepare to pass a new budget.
May 13- Michigan's biggest city is "clearly insolvent" and needs to restructure its debt and renegotiate its labor contracts to address its problems, Detroit's emergency financial manager said on Monday.
DETROIT, May 12- Six weeks into his work as Detroit's emergency manager, former bankruptcy lawyer Kevyn Orr has found the city's finances in worse shape than expected, with long-term debt at $15 billion, $2 billion worse than figures disclosed before he took the job.
Now these same funds may be poised to descend on another landscape: struggling cities and counties- and no place beckons more than Detroit.
In Michigan, more than 3,500 lottery winners are also on public assistance, drawing attention to waste in a state still reeling from the nation's economic downturn.
DETROIT, March 25- U.S. automakers joined other Michigan businesses on Monday in donating $8 million for new ambulances and police cars to Detroit as state-appointed emergency manager Kevyn Orr took over running the destitute city.
Standard & Poor's on Friday showed its support for Michigan's takeover of Detroit by upgrading the city's credit rating to "stable" from "negative."
Bankruptcy lawyer Kevyn Orr was named Detroit's emergency financial manager.
LANSING, Mich., March 13- Michigan Governor Rick Snyder scheduled a Thursday news conference in Detroit where he is expected to appoint an emergency manager to take over the finances of the state's largest city.
Kevyn Orr, the attorney who managed Chrysler's 2009 bankruptcy, is reportedly Michigan Gov. Rick Snyder's top pick to be Detroit's financial emergency manager.
DETROIT, March 12- Kevyn Orr, a lawyer who earned $1 million in fees for helping manage the Chrysler bankruptcy in 2009, is Michigan Governor Rick Snyder's top pick to be Detroit's financial emergency manager, a source with direct knowledge of the choice said on Tuesday.
DETROIT, March 6- The Detroit City Council voted on Wednesday to challenge Michigan Governor Rick Snyder's declaration that the city faces a financial crisis and that the state should consider appointing an emergency financial manager.
DETROIT, Feb 21- Michigan Governor Rick Snyder said that if he decides to name an emergency financial manager for Detroit, that person must have experience in difficult financial situations such as restructuring and bankruptcy.
LANSING, Mich., Feb 19- In today's partisan environment, many U.S. politicians tend to hew close to their base and not worry about angering their opponents, but Michigan Governor Rick Snyder possesses a rare talent for raising hackles on both sides.