Even as the nation sits on the edge of a financial crisis driven by the need to incur more debt, the White House has found $300 million to send to mismanaged, financially beleaguered Detroit, according to CNN.
The money is being taken “from programs that are available for cities across the nation, not just Detroit.”
The action amounts to a backdoor assistance plan that effectively circumvents Congress, which would not support a bailout. A White House official was vague on how the money had been cobbled together.
According to an AP story, which had stated the total at $100 million:
Gene Sperling, chief economic adviser to President Obama, said the administration scrounged through the federal budget and found untapped money that “either had not flowed or had not gotten out or not directed to the top priorities for Detroit.”
How it is that there is $300 million lying around for Detroit is unclear.
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