CHICAGO — Detroit Mayor Dave Bing yesterday unveiled a much-anticipated 2011 budget proposal that relies on a series of relatively modest spending cuts to whittle down the deficit while putting on hold bold initiatives to securitize assets to raise new money.

The $2.9 billion all-funds budget represents a decrease of nearly $850 million from the current $3.67 billion budget. It is the city’s smallest budget since 2006.

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