Gov. Snyder: At least week from deciding Detroit's fate
DETROIT (AP) - Gov. Rick Snyder says he's at least a week away from deciding if Detroit needs an emergency manager to confront its $327 million budget deficit and $14 billion long-term debt.
Snyder told reporters Thursday that the city's drastic population loss over six decades is the main reason for its financial woes.
Detroit had 1.8 million people in the 1950 U.S. Census and about 700,000 in 2010. Snyder says new growth holds the key to Detroit's recovery.
The Republican governor spoke two days after a state-appointed review team determined that Detroit is in a financial emergency.
Snyder has less than a month to decide whether the state will take over the city's finances. Snyder said last week that he's compiling a short list of candidates for the emergency manager's job.