Obama ‘monitoring’ Detroit bankruptcy, Rand Paul says he is ‘bailing them out over my dead body’
Although the federal government has not committed federal money to Detroit in an effort to bail them out of their financial woes, Politico reports that President Obama is monitoring the situation in the Motor City.
“While leaders on the ground in Michigan and the city’s creditors understand that they must find a solution to Detroit’s serious financial challenge, we remain committed to continuing our strong partnership with Detroit as it works to recover and revitalize and maintain its status as one of America’s great cities,” spokeswoman Amy Brundage.
However, one US Senator says if Mr. Obama thinks he’s going to give Detroit a bailout, he’s going to have a fight on his hands because we are straight up broke.
Sen Rand Paul (R-KY) told Matthew Boyle at Breitbart that he “will use every resource he has at his disposal” to stop President Barack Obama from bailing out newly-bankrupt Detroit.
“There’s some good things that come out of bankruptcy,” Paul said. “One is you get to start over. Bankruptcy lets you be forgiven of your debt. And you do so by getting new management, better management, and by getting rid of unwieldy contracts, contracts that give you where public employees are getting paid twice what private employees are and things come back more to normal. That’s the way cities and businesses can recover.
“I basically say he [Obama] is bailing them out over my dead body because we don’t have any money in Washington.”
Paul says if Detroit gets bailed out it will set a horrible precedent for other cities to not get their houses in order.