CHICAGO — With the threat of an emergency manager hanging over Detroit, Mayor Dave Bing said the city is making progress despite its fiscal problems during an optimistic state of the city address Wednesday night.

In his fourth annual address, Bing said that he inherited a city in crisis and a $332 million deficit but has still managed to avoid any payless paydays, the appointment of an emergency manager or declaration of bankruptcy.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.