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Detroit rejects funds, will the city be out of cash by Christmas?

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Detroit has struggled with its finances for many years as the city's population has dwindled and the automotive industry that once drove economic activity in the Motor City has diminished.

The city of 700,000 has been criticized by state officials for slow progress on financial reforms. It needs the money to avoid running out of cash by the end of the year. The Michigan Finance Authority raised $137 million for Detroit earlier this year through a debt sale. While Detroit received some of that money, Michigan Treasury officials tied another $30 million to Detroit's progress on reforms.

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