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Michigan governor says progress made on Detroit finances

Detroit faces a $200 million budget deficit and could run out of cash by May, raising concerns for its liabilities for pensions, health care and bonds.

By Kathy Barks Hoffman | Updated on March 27, 2012

DETROIT (AP) — A deal aimed at rescuing Detroit before it goes broke appeared imminent Monday after city and state negotiators reported major progress in their often-contentious talks and a review panel appointed by Gov. Rick Snyder decided not to recommend that an emergency manager take over the reins of city government.

Snyder has 10 days to negotiate a compromise with city officials before deciding if an emergency manager is needed. Both he and the City Council predicted an agreement would be reached by the end of the week.

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