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Detroit may be in a financial crisis

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Posted at 11:56 PM, Jun 09, 2012
and last updated 2012-06-10 00:01:06-04

(WTVR) - The Motor City is running on empty and could be broke within days.

Detroit city officials say the city will run out of money within a week, if the state of Michigan pulls $80 million in revenue sharing.

It's part of an ongoing legal battle between the city and state over taxes and bonds.

While the city goes to court to resolve the issues, Mayor Dave Bing says he's preparing for a crisis.

Bing and city council have an emergency meeting scheduled for Monday.