Originally published on Tue December 11, 2012 9:55 am
Detroit officials face a tough vote Tuesday as they try to keep their city from going over its own "fiscal cliff." If the mayor and City Council cannot agree on a plan to reduce the city's budget deficit, state officials are poised to take away their power and assume total control over Detroit's finances.
It's been a continuing vicious cycle: Detroit's population exodus, lost tax revenue and chronic mismanagement have left the city burning through cash to the point where the state of Michigan has to provide funding to help the city meet payroll for the next few months.
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