Feds find $300M for broke Detroit

The Obama administration has committed $300 million in grant money and other funding to help bankrupt Detroit hire additional police officers and firefighters, clear blighted neighborhoods and improve its transit systems, according to Crain's Detroit Business.

Detroit declared the largest U.S. municipal bankruptcy on July 18 after years of decline. The Michigan city is reportedly at least $18 billion in debt.

Four of President Barack Obama's key advisers visited the city last week to talk with state and local leaders about ways the federal government can help the city - short of a bailout.
 
Read more at Crain's Detroit Business.