Rick Snyder Will Announce Decision On Detroit On Friday, Mayor Dave Bing Says [UPDATED]

Detroit Mayor: Rick Snyder Will Announce Decision On Friday
Michigan Gov. Rick Snyder addresses the media in his office in Detroit, Thursday, Feb. 21, 2013. The governor said that he's at least a week away from deciding if Detroit needs an emergency manager to confront its $327 million budget deficit and $14 billion long-term debt. Snyder told reporters that he considers the city's drastic population loss over 60 years to be the main reason for its financial woes. (AP Photo/Carlos Osorio)
Michigan Gov. Rick Snyder addresses the media in his office in Detroit, Thursday, Feb. 21, 2013. The governor said that he's at least a week away from deciding if Detroit needs an emergency manager to confront its $327 million budget deficit and $14 billion long-term debt. Snyder told reporters that he considers the city's drastic population loss over 60 years to be the main reason for its financial woes. (AP Photo/Carlos Osorio)

Michigan Governor Rick Snyder will announce on Friday whether or not the state will take over the struggling city, Mayor Dave Bing said at a press conference on Thursday.

Bing said that the Governor told him of the announcement after weeks of uncertainty surrounding dire Detroit's financial situation.

Last week, a state review team found that the city was heading towards financial emergency. It recommended that an emergency manager be appointed to run the city and help balance its checkbooks.

Detroit has struggled with economic hardships for years and faces billions of dollars in debt. The city was hit hard by the recession, and subsequent cuts made to the auto industry.

CORRECTION: A previous version of this post stated that Mayor Bing had announce a takeover. A takeover has not yet been announced.

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