Governor backs plan to give bankrupt Detroit $350M

LANSING, Mich. (AP) — Michigan Gov. Rick Snyder is pledging to commit up to $350 million in state funds to help Detroit as the bankrupt city tries to shore up pension funds that are billions in debt and prevent valuable city-owned art from being sold.

The Republican joined legislative leaders on Wednesday to announce a proposal that would provide the money over 20 years, as long as a larger settlement is reached with labor unions and city workers concerned about pensions. The lawmakers acknowledged the plan may be a hard sell in the GOP-controlled Legislature, but they said it was better than a protracted legal fight in a city facing an estimated $18 billion in debt.