Is Another Credit Card the Solution to Detroit’s Spending Problem?

From MichiganVotes.org:

2009 House Bill 5626 (Raise cap on Detroit deficit finance debt)

• Passed in the House (75 to 33) on December 10, 2009, to increase from $125 million to $250 million a cap on how much Detroit can borrow to finance its ongoing gap between spending and revenue, and establish in statute that these lenders (bond holders) would have a priority claim on future state revenue sharing payments even if Detroit files bankruptcy. [Roll Call Vote Details and Comments]

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