There seems to be very, very little interest at either the state or national level for kicking down $20 billion to bail out the once-great city of Detroit. (Not that the state has a spare $20 billion anyway.)
When Stockton went belly up retirees got hit hard, they lost their medical insurance. It seems possible, maybe even likely, that Detroit pensioners will be hit even harder. Those currently collecting city pensions may end up getting 5-10% of their promised pension.
None of this is anywhere NEAR being settled. It hasn't even begun to be started to be settled really. Of course, since the denizens of the motor city are solid, reliable democrat voters they may have something extra coming. We shall see. In any event it is going to be nasty for pretty much all concerned.
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