Detroit files for bankruptcy, and with the Grand Bargain, emerges in record time

July 18, 2013

Governor Snyder decided it was time to address one of Michigan’s biggest problems– Detroit. Because of decades of neglect and mismanagement, the city faced a nearly unsolvable financial hole. Governor Snyder forged a bipartisan coalition called the ‘Grand Bargain’ to reduce cuts to retiree pensions and ensure city services were maintained. Today, Detroit is on the path to being one of America’s great comeback stories.

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