Mich. gov.: Progress made on Detroit finances deal

By the Associated Press | March 26, 2012 | 2:25 PM EDT

DETROIT (AP) — Michigan Gov. Rick Snyder says the state and Detroit are making progress on a deal to restructure the city's long-term finances.

Snyder told reporters Monday that a consent agreement for the cash-strapped city could be in place later this week.

A team that has been reviewing the city's fiscal condition in recent weeks is scheduled to meet at 3 p.m. The review team, appointed by Snyder, could recommend that he appoint an emergency manager for Detroit.

The state and city have been negotiating Detroit's counter-proposal to a Snyder plan that called for a nine-member financial advisory board overseeing the restructuring.

Mayor Dave Bing balked at that plan, complaining it took too much authority from elected officials. He had called for a seven-member board to "monitor" the restructuring.