Michigan Treasurer says Detroit to run out of money by May

Reuters
1:44 p.m. CST, January 10, 2012

Lansing, Mich., Jan 10 (Reuters) - The struggling U.S.
city of Detroit is on track to run out of money in May instead
of April after spending changes made by city officials, Michigan
Treasurer Andy Dillon said on Tuesday.

Dillon addressed media following a two-and-a-half-hour
meeting with a team that is looking at Detroit's financial
picture and trying to assess whether the city needs an
emergency manager to take over operations. It was the first time
the 10-member team met since it was appointed last month.

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