BUSINESS
06/06/2010 05:12 am ET Updated May 25, 2011

Detroit Bankruptcy Looms Without An Abrupt Change, Warns New Report

Mayor Dave Bing and the City Council must reduce the size of government and slash the city's budget deficit to stave off bankruptcy or state receivership, according to a report released Monday.

Without draconian cuts and changes aimed at downsizing government, the city could end up with a "possible" general fund deficit between $446 million and $466 million to its $1.6 billion budget.

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