Detroit reaches deal limiting pension cuts

Detroit's emergency manager and two major pension funds for 23,000 retirees hammered out tentative deals on Tuesday, marking a major step forward in the city's efforts to exit bankruptcy.

The deals would limit proposed cuts to pension benefits, if approved.

CNNMoney reports the city has proposed cutting nearly $10 billion in unfunded liabilities in the largest bankruptcy ever filed by a municipality. More than $3 billion of that was in pension funds.

The city filed bankruptcy last July.

Read more from CNNMoney.