Three hundred million bucks don't go as far as they used to.
The Detroit News: Feds to bear gifts, but not bailout
In what other country is $300 million in "gifts" not considered a bailout? Perhaps not when Detroit is 12 Billion in the hole in underfunded liabilities alone.
Still its not all bad, after all Obama got the Detroit vote already, doesn't have the political clout nor money to bail it out further and doesn't really need the city anymore, so instead of a bailout he's offering passion:
An Obama administration official Friday vowed the White House will bring “a lot of passion” to an aggressive effort to help Detroit recover from its economic crisis.
In other words, Obama's administration just offered to stick its tongue in Detroit's ear.
After all, it's nice to have a little passion when you're screwed.
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