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The Motor City Is Running Out Of Money

Story By: Larry Stine

 

 

 
 
 
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  Original Published: 5/14/2013  The Motor City is quickly running out of cash.    A report by Detroit's bankruptcy attorney says the city government is weeks away from depleting the funds it needs to operate.   Kevyn Orr writes "the path Detroit has followed for more than 40 years is unsustainable, and only a complete restructuring of the city's finances and operations will allow Detroit to regain its footing."   To give you an idea of how dire the situation is, Detroit is at least $15-billion in debt, due to years of borrowing to pay bills as tax revenues plummeted.   People are leaving the city in droves.    The city's population has fallen nearly 30 percent since last year.    And there are currently 100,000 vacant lots and buildings in the city.  
   
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