Detroit Mayor Dave Bing says city running out of cash, asks for union wage cut

Crain's Detroit Business reports:

Mayor Dave Bing says Detroit could run out of cash within 70 days and is on the brink of receivership.

Bing said Monday he wants unionized city employees to accept a 10 percent wage cut by month's end.

Detroit may become the first of many large cities to go bankrupt to void union contracts.