MI Senate Approves $195 Million for Detroit

Breaking news out of the Michigan Senate where lawmakers approved using $195 million in state aid to help pay for Detroit’s pension funds.

It’s a key step to end the largest public bankruptcy in U.S. history.

The move aims to prevent more cuts to pensions and prevent the sale of pieces from the Detroit Institute of Art.

That state money would be combined with hundreds of millions of dollars from 13 other organizations that have already committed money.

Governor Snyder is expected to sign it as soon as possible, following a required technical move by the state house.