Faced with the largest municipal bankruptcy in American history, Detroit Mayor Dave Bing on Friday said he would love a bailout from the federal government, but added such assistance is probably "unrealistic." Bing wouldn't rule out the possibility of the city asking for assistance and said he will be in discussions with White House staffers.
"We would love to have Washington and the president come bail us out, but we have to do things for ourselves," Bing told CNBC's "Closing Bell," adding that President Barack Obama's "hands are tied" with other issues, so Bing feels asking for a bailout "wouldn't be fair to him."
"The president is well aware of the situation here in Detroit ... but I think to try to bail a city out is something he's got to be very careful [with] and I don't want to put him in a horrible position," said Bing.
"Detroit is just the first city of many dominoes that will probably fall," he said. "There are several cities in the same kind of situation we're in here and if he does it for us, everybody will say, 'Why Detroit? Why not us?'"