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Michigan Gov. Rick Snyder declared a financial emergency in Detroit on Friday, pushing the city closer to becoming the largest in the country to have state control over its finances.

Detroit, a city once renowned for its manufacturing might, faces a $327 million budget deficit, more than $14 billion in long-term debt and persistent cash flow issues. Friday's announcement was all but guaranteed after a review team reported to Snyder on Feb. 19 that Detroit was in a financial emergency and needed the state's help to emerge from it.

He also said there is no "big bailout coming" from the state. Emergency managers have the power under state law to develop financial plans, renegotiate labor contracts, revise and approve budgets to help control spending, sell off city assets not restricted by charter and suspend the salaries of elected officials. (READ: nobody has to worry about the UNION vote)

Pittsburgh PA
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TOPIC: Detroit Cash Woes Prompt Emergency