Detroit's cash shortage could implode

The Detroit Free Press reports:

Detroit Mayor Dave Bing's top financial and administrative officers today are laying out for City Council the city's bleak budget status.

Charles Beckham, Bing's chief administrative officer, said the city is operating with a $60-million to $80-million cash shortage -- one that could implode come October -- on top of the $275-million to $300-million overall deficit.

“All of our revenue projections have been off in the wrong direction," Beckham said.

The road to bankruptcy.