Detroit Bankruptcy: A Brief Explanation What Exactly Happened

Detroit bankruptcy is a shame for United states of America, this is a brief explanation what exactly happened, For those who missed it, in the Kevyn Odd statement listing the primary reason for the bankruptcy of Detroit, this was the punchline: "Absent restructuring, the City is projecting cash flows of negative $198.5 million in the current 2014 fiscal year and negative $260.4 million in fiscal year 2015. This cash depletion would leave the City in a net cash position (after required property tax distributions) of negative $11.6 million as early as December 2013.  The City also has experienced negative cash flow for years, and that trend is expected to continue and accelerate if not addressed....

And it seems For years, the City has spent more than it takes in and has borrowed and deferred paying certain obligations to make ends meet. The City is insolvent.