Federal Government Somehow Finds $300 Million To Give Detroit
Nancy Pelosi says the cupboard is bare, there’s not another cent that can be cut from government spending. Obama claims there’s no money for public White House tours.
And yet, there’s this…
The Obama administration is pledging nearly $300 million in federal dollars to Detroit to help shore up basic infrastructure priorities, such as improving public transit and police and eradicating blight.
Just don’t call it a bailout – a term that’s still toxic on Capitol Hill, on both sides of the aisle.
On July 18, Detroit became the largest US city ever to declare bankruptcy. It owes $18 billion, including $3.5 billion in underfunded pension liabilities and $5.7 billion in other retiree benefits.