According to the Wall Street Journal, Democratic Detroit mayor Dave Bing is requesting a loan from the state of Michigan to help the city’s financial situation.
Mr. Bing, a Democrat who intends to run for a second term next year, said he wants Republican Gov. Rick Snyder to lend Detroit $125 million to $150 million to help the long-struggling city stay solvent over the next 12 months. If Mr. Snyder declines, Mr. Bing would request that the state back Detroit's efforts to secure financing elsewhere.
Detroit is seen as the biggest test of an unusual 2011 Michigan law that allows the state to take control of a troubled city or school district. So far, the state has taken over four cities and two school districts."
"I think the governor is pretty coy," Mr. Bing said. "If Detroit fails or doesn't make it or doesn't come back as soon as we would like it too, it's going to cost the state money anyway. It's you pay me now or pay me later."