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Mich. Governor to Make Announcement on Detroit Finances

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  • Description

    FBN's Diane Macedo breaks down business news.

  • Duration 2:04
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Everyone congress has effectively miss the deadline to avert 85 billion dollars in automatic spending cuts.

President Obama set to officially an -- those cuts by the end of today but before doing that.

Congressional leaders will meet at the White House in one last ditch effort to reach a deal.

If they don't the cuts will be phased in over the next few months fox -- Melissa Francis spoke exclusively with JPMorgan CEO Jamie Dimon.

And asked him what most people think about the sequestration here's what he said.

I think they're hoping that our government's collaboration does the right thing and this is a small thing we need a big thing -- a big bargain.

When you do fiscal reform entitlement reform tax reform -- -- it to me is.

Almost unfortunate -- how critical is that to long term growth.

The big deal is critical to walker wrote this some not I think -- -- -- small negative for a.

The Obama administration warned the cuts could trigger the furlough of government workers flight delays scaled back national park hours and longer waits at border crossings.

Checking the markets our kicking -- the new month in the red we have Dow futures down 67 the S&P -- down about nine the nasdaq's down.

Almost fifteen meanwhile Europe's not looking any better eurozone PMI came in slightly higher than expected -- still indicated contraction.

The UK's manufacturing sector unexpectedly contracted as well and Italy's unemployment rate.

Rose to eleven point 7%.

Stocks in Europe are down across the board.

-- down fifty Paris is down.

Almost sixty and -- down almost 93.

Not to try final few financial future will be on the line today when Michigan governor Rick Snyder.

Announces whether he'll appoint an emergency manager for the city mayor David bing says the governor likely won't immediately name the person if he does.

Being who spoke with -- yesterday signaled the governor had decided to choose an independent overseer to tackle.

Detroit's 327.

Million dollar budget deficit and fourteen billion dollars in long term debt.

Now emergency managers have the power to do things like develop financial plans renegotiate labor contracts and revised and approved budgets to help controlled spending so that could mean a lot of changes -- -- --

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