03/21/2012 04:20 pm ET

Detroiters Vent Anger At Financial Review Meeting; State Gets New Counterproposal

Detroit's financial review team passed a motion this afternoon declaring that the city is in severe financial distress, and agreed to allow state and city officials to continue working on an agreement to save the city from financial ruin.

Meanwhile State Treasurer Andy Dillion said the state this morning received a counterproposal from city officials, which included Detroit Mayor Dave Bing's chief of staff, Kirk Lewis; Bing's chief operating officer, Chris Brown; and three City Council members.

He would not discuss specifics of the newest proposal, but it was presented with the understanding all nine members of the council might not sign off on it.

Read more on Detroit Free Press