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Motor City Running Out Of Gas

The mayor of Detroit has announced that the city is on the brink of bankruptcy! Dave Bing says the Motor City needs to take immediate action to avoid a state takeover. He says the city will run out of money in April and will be 45 million dollars in debt by the end of the fiscal year in June. He’s calling for unions to accept budget cuts and also wants a 0.9% increase on business taxes.

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Portugal Crippled by Mass Strike

Portugal on strike. More strikes are happening in Europe – this time in Portugal. Rail, air, and other services have been throttled as unions protest proposed budget cuts. The Portuguese government wants to slash public sector wages, increase taxes, and freeze pensions to combat the nation’s increasing debt crisis. Their new budget will be put to a vote later this week.

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