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Tuesday, May 14, 2013 - 10:15am
Detroit, MI — The Motor City is quickly running out of cash. A report by Detroit's bankruptcy attorney, Kevyn Orr says the city government is weeks away from depleting the funds it needs to operate. Orr said, "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 dollars 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 yea and there are currently 100-thousand vacant lots and buildings in the city.