Why not? Certainly if the federal government can come in and write unique and precedent-setting bankruptcy rules for General Motors, they can do the same thing for Detroit. For those of you who think Detroit’s problems belong to the city and Michigan, you’re wrong. You’re going to end up paying for it.
From the aptly named Big Government.
Vice President Joe Biden said on Friday that the White House might bail out Detroit. He said White House officials held a meeting on Thursday to discuss the matter after Detroit became the largest city in U.S. history to file for bankruptcy.
To be fair, Biden said “he doesn’t know yet” if the federal government can help Detroit, but they are looking into it. During the 2012 presidential campaign, President Obama stated he refused to let Detroit go bankrupt.