A special Michigan House committee yesterday approved a nearly $195 million state contribution for a key element of Detroit's plan to adjust its $18 billion of debt and exit the biggest municipal bankruptcy in U.S. history, Reuters reported. Legislation appropriating the money from Michigan's rainy day fund was part of an 11-bill package the committee approved and sent to the full House for consideration. The mostly unanimous votes on the bills by the five-member bipartisan Committee on Detroit's Recovery and Michigan's Future marked the first by state lawmakers after Governor Rick Snyder (R) included money for Detroit in the proposed budget he unveiled in February. The legislation, which also creates an oversight commission for Detroit, must still pass the Republican-controlled House and Senate.
