Detroit automakers are back on their feet, showing their best profits in years. But the city of Detroit's finances are worse than ever.The city won't have enough money to pay its bills by April, unless Mayor Dave Bing can get the council and municipal unions to agree to steep spending cuts he's announced. By the end of its fiscal year in June, that shortfall will hit $45 million.
There is also the possibility that the state may take over the city, which would open the door for Detroit to file for bankruptcy. That would make it the largest U.S. city ever to suffer that fate.
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