Treasury Secretary Jack Lew says Detroit will have to work with creditors to resolve bankruptcy
9:46 AM, Jul 28, 2013
3:54 PM, Jul 28, 2013
(WXYZ) - United States Treasury Secretary Jack Lew says Detroit will have to work with the city's creditors in order to resolve the city's Chapter 9 Bankruptcy.
Lew made the comments during an appearance on This Week With George Stephanopoulos when asked about the possibility of a federal bailout.
"Detroit's economic problems have been a long time in developing. We stand with Detroit trying to work through how it approaches these issues," Lew said.
"To that extent that there are kind of normal relations between the federal government and state and local government — we've been using those methods. Even in the Treasury Department, we have a program where we work to help with housing programs. I think when it comes to the questions between Detroit and its creditors, that's really something that Detroit is going to have to work out with its creditors," he said.