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Rick Snyder, Michigan Governor, Expected To Announce Emergency Financial Manager For Detroit (VIDEO)

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Gov. Rick Snyder declares a financial emergency during a broadcast in Detroit, Friday, March 1, 2013. On March 14, Snyder will make an announcement regarding Detroit's future. He is expected to name an emergency financial manager. (AP Photo/Paul Sancya)
Gov. Rick Snyder declares a financial emergency during a broadcast in Detroit, Friday, March 1, 2013. On March 14, Snyder will make an announcement regarding Detroit's future. He is expected to name an emergency financial manager. (AP Photo/Paul Sancya)

Michigan Gov. Rick Snyder will make an announcement Thursday afternoon about Detroit's future in light of the city's fiscal crisis. He is expected to name an emergency financial manager for the city.

Several outlets have reported Snyder's top choice for the position is Kevyn Orr, a Washington DC bankruptcy lawyer who worked on Chrysler's restructuring at the Jones Day law firm. The firm was also named as the city's restructuring counsel earlier this week.

Watch a live streaming video above of Snyder's announcement at Detroit's Cadillac Place at 2 p.m.

Snyder, who has not publicly revealed an EFM choice, declared a financial emergency in the city on Friday, March 1. The city then had just over a week to prepare for a hearing where they could appeal the decision. City Council members asked for more time at a to get a handle on Detroit's finances during a hearing in Lansing on Tuesday.

"We feel like we have the tools necessary to do it, that somebody else does not have to come in and do it for us," Council President Charles Pugh told the Associated Press.

Mayor Dave Bing did not support Council's challenge. He has said he remains opposed to an emergency financial manager and concurs with the Council's argument that the city does in fact have a workable long term plan to deal with the financial crisis, but has accepted that an EFM is coming whether they like it or not.

"We need to end the drama and the infighting and understand whether we like it or not, an emergency financial manager is coming to Detroit," he said last week. "We must focus on working together so we can remove the need for an EFM in the required 18 months."

Protesters have told The Huffington Post that they intend to gather at Cadillac Place at 1:30 p.m. to demonstrate against the announcement.

Thursday's 2 p.m. announcement follows a state review team's report detailing the city's billions of long-term debts and $327 million deficit. The state board that has hiring power and would set a salary for an EFM has scheduled to meet in Lansing immediately following Snyder's announcement.

Also on The Huffington Post

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