grand bargain

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Michigan has taken a big step closer to putting money down on the table of Detroit's "grand bargain."

The newly formed House Committee on Detroit's Recovery and Michigan's Future approved an $11 billion package that would see the state send $194.8 million dollars to Detroit. And it would create a panel to oversee city finances for at least 13 years. The aid package now goes to the full House. 

We were joined by the chair of that House committee. State Rep. John Walsh, R-Livonia. 

*Listen to the full interview above. 

Detroit Skyline
Shawn Wilson / Wikimedia Commons

For a lot of people, Jamie Dimon will forever be linked to the mortgage crisis that hit Detroit as hard as any city.

But there was no mention of that at yesterday's announcement, of course. Instead, there was a plated lunch - chicken and salad, with cupcakes - an uplifting video, and a standing ovation led by Michigan's governor, Rick Snyder.

Lester Graham / Michigan Radio

Michigan lawmakers are debating a $200 million aid package for Detroit as the city moves through bankruptcy. Until now, state lawmakers haven’t been willing to help it with anything that could be called a “bailout.”

While Governor Rick Snyder supports the current deal, many of his fellow Republicans appear to be balking, especially after a threat of political retribution from the Koch Brothers political network.

Detroit officials have been doing lots of talking in Lansing for the past week, lobbying hard for the state aid package.

The Michigan House of Representatives.
Lester Graham / Michigan Radio

The first votes by state lawmakers on a $195 million cash infusion for Detroit happened today.

The newly formed House Committee on Detroit's Recovery and Michigan's Future approved an 11-bill package. The measures now go to the full state House.

While Gov. Rick Snyder supports the current deal, many of his fellow Republicans appear to be balking – especially after a threat of political retribution from the Koch brothers' political network.

*Listen to Sarah Cwiek's report above.

A State House committee is expected to vote today on Michigan's proposed contribution to the "grand bargain" – a plan to bolster Detroit's finances. 

Any romantic relationship between a teacher and a student is shocking to most people. Writer Kristina Riggle of Grand Rapids tackled this very thorny subject in her new novel. 

Electronic music fans from around the world are getting ready for the Movement Electronic Music Festival that hits downtown Detroit Memorial Day weekend. 

Lester Graham / Michigan Radio

A state House committee is expected to vote today on Michigan's proposed contribution to the "grand bargain."

That's the name of the agreement that softens the blow to city pensioners, while protecting city-owned treasures at the Detroit Institute of Arts.

The $816 million grand bargain draws money from local and national foundations, the state, and the DIA.

Detroit Free Press business columnist Tom Walsh believes it is time for another face at the grand bargain table: business.

In a recent column, Walsh said, "The business sector must ante up to get Detroit out of bankruptcy fast."

He joined us to explain to us why.

Listen to the full interview above. 

Steve Carmody / Michigan Radio

LANSING, Mich. (AP) - Mediators in Detroit's federal bankruptcy case say that building trade unions have agreed to contribute to a fund to cover retirees' benefits.

Some legislative Republicans have made union contributions to the pensions a condition for state aid, designed to protect the Detroit Institute of Arts' collection from sale to cover the costs.

A state House committee is to vote Tuesday spending $195 million to help Detroit emerge from bankruptcy.

Governor Snyder hopes the State House will make progress toward approving the ‘Grand Bargain’ this week.

Critics complain it’s not fair for the rest of the state to pay for Detroit’s financial missteps. Supporters say restoring Detroit to financial health is important to all of Michigan.Credit Steve Carmody / Michigan RadioEdit | Remove

Detroit’s bankruptcy process has been speedy so far--but hit a few apparent stumbling blocks last week, as creditors filed a slew of objections to the city’s plan of adjustment.

They included representatives for some Detroit bondholders, who are upset about the proposed “grand bargain” to use more than $800 million to minimize pension cuts, and protect the Detroit Institute of Arts from possible liquidation.

user: {megan} / Flickr

The newly-formed state House committee on Detroit's recovery and Michigan's future continued its hearings today.

At stake is exactly what the state's role should be in helping Detroit out of bankruptcy, and whether the state will kick in $195 million to the "grand bargain" to shore up pensions and protect the city's art collection. 

Detroit News business columnist Daniel Howes, joined us. 

*Listen to the full interview above. 

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