03/02/2013 01:24 pm ET Updated Mar 04, 2013

Detroit Emergency: HuffPost Live Breaks Down The Motor City's Financial Crisis And Future

On Friday, Gov. Rick Snyder (R) declared that the city of Detroit is in a state of "financial emergency."

He will most likely appoint an emergency manager to govern the city of 700,000 people, thanks to a controversial law that will give Detroit's EM the ability to change contracts, fire elected officials and sell off the city's assets.

Without payments from the state, Detroit is still in danger of running out of cash, despite efforts by Mayor Dave Bing and the Detroit City Council to cut the city's budget. But the bigger question is the city's long-term structural debt, bond obligations and pensions -- liabilities which total almost $15 billion.

On Friday, HuffPost Live's Jacob Soboroff anchored a segment on the Motor City's future, and what challenges lie ahead, featuring AOL Autos Editor-In-Chief David Kiley and HuffPost Detroit Editor Ashley Woods.

Click below to watch the segment, and leave your thoughts in the comments.