Gov. Snyder on Detroit Bankruptcy: 'No Other Viable Options'
Appearing on NBC’s Meet the Press, Gov. Rick Snyder (R-MI) explained that he had no choice but to allow Detroit to file for bankruptcy given the city’s $18 billion outstanding pension debt and inability to renegotiate with creditors. “This was a very tough decision,” said Snyder, “but it’s the right decision because ultimately what we need to do is get better services for the 700,000 residents of Detroit. There were no other viable options.”
Snyder averred that Detroit was in dire straits thanks to six decades of “kicking the can down the road.” Snyder said that extra care would be given to retirees living on fixed incomes who will face problems if the city is unable to pay for the promises it made to them. “One thing that we’re asking for is the judge right up front to appoint someone to represent the retirees,” said Snyder. “The bankruptcy is about the unfunded portion of the pension liability.”