Michigan Gov Declares 'Financial Emergency' in Detroit

Michigan's governor is declaring a state of financial emergency in Detroit.  Governor Rick Snyder will appoint an emergency manager to address a 327-million dollar deficit.  The city also owes roughly 14-billion dollars in retiree pension, health benefits and long-term bond debt.  Snyder's office published a brochure defending state intervention as a way to efficiently reform finances in the cash-strapped city.