Treasury Secretary Jack Lew on Sunday defended the administration’s
decision not to help bail out Detroit, saying that the city would need
to negotiate its own resolution with creditors.
“Detroit’s
economic problems have been a long time in developing. We stand with
Detroit trying to work through how it approaches these issues,” said Lew
in an interview on ABC’s “This Week.”
But he added that “when it comes to the questions between Detroit and
its creditors, that’s really something that Detroit is going to have to
work out with its creditors.”
Lew’s comments come one week after Detroit became the largest municipality in American history to declare bankruptcy.
Labor
unions have pressed the administration to intervene and provide a
federal bailout to help protect the pensions of city workers and
retirees. The AFL-CIO on Friday called for an “immediate infusion of
federal assistance.”
I don't know why the AFL-CIO is trying to put President Obama in an impossible position. They have to know a bailout is politically and most likely legally impossible. So why are they screaming for President Obama to produce the impossible?
The real problem here is the Michigan GOP, Gov. Rick Snyder, and the odious Emergency Manager laws that unconstitutionally forced Detroit into bankruptcy and disenfranchised hundreds of thousands of Detroit voters. There's your actual person to blame, folks. Not President Obama.
Nobody's talking about that aspect of this story, and that's criminal.
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