Michigan Gov. Rick Snyder says he's not expecting the federal government to offer a bailout for bankrupt Detroit and doesn't think it would be a good idea anyway.
Speaking on CBS' on Sunday, Snyder said of a Washington bailout of the Motor City: "I don't expect one."
Last week, the city of Detroit, facing some $18.5 billion in debt and liabilities, , the federal code that allows municipalities to seek protection from creditors. At the time, Snyder approved the dire move, saying "Only one feasible path offers a way out."
On Sunday, Snyder reiterated his position, saying, "bankruptcy is there to deal with the debt question."
"It's not just about putting more money in a situation," he said. "It's about better services to citizens again. It's about accountable government."
In 1975, as Detroit now does. At the time, President Gerald Ford initially rejected New York's appeal, but later signed a bill extended $2.3 billion in loans to the city. In 1978, President Jimmy Carter approved further loans to the city.
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