Democrats ran Detroit for decades. They rioted and burned the place, the talent left, the jobs went to parts unknown all over the world... now they are saying their finances are worse than they had admitted to! Would people that would riot and burn cities actually not be on top of their finances? Stay tuned... http://detroit.cbslocal.com/2013/05/08/kevyn-orr-detroit-is-in-worse-shape-than-i-thought/ DETROIT (WWJ) - Detroitâs emergencymanager says the city is bleeding much more red ink than originally thought. Thatâs what Kevyn Orr told WWJ City Beat Reporter Vickie Thomas in an exclusive one-on-one interview. âThe situation is severe,â Orr said. âItâs worse that we originally thought. It ainât good.â With just 39 days under his belt, Orr is already putting the final touches on a draft of his 40-plus page financial report, which must be submitted to the state on Monday. âIâve been spending virtually every day from March 25 when I got here, looking at the cityâs financials. This is an emergency. Iâve got 16 and three-quarters months to deal with it,â he said. âThis is truly a financial emergency and we need to move with speed because frankly, we canât be here in the same position next year.â In the report, Orr uses charts and graphs to paint the bleak picture of the cityâs finances , including over $15 billion in long-term debt and an accumulated operating deficit of $325 million. âWeâve been collecting operating deficits at about $18 million to $20 million a year. Thatâs nobodyâs fault, I think, frankly, the mayor and the council has done the best they can with what they have. The city has probably cut as much as it can cut to the bone now, and so its been trying to operate on the basis of borrowing short-term loans all the time,â he said. Orr said he isnât ruling out bankruptcy for the city just yet. âFrankly, from my perspective, if I can accomplish what I need to accomplish without bankruptcy, Iâd be elated,â he said. âI canât guarantee that [bankruptcy won't happen] in the least, in fact, to a large degree thatâs going to be dependent upon the positions of a lot of other stakeholders that they have in this, some of whom might prefer a court order to make them do the things they need to do.â