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Washington to Give Bankrupt Detroit a Financial Boost

iStock/Thinkstock(DETROIT) -- Detroit is getting a financial shot from Washington to revive the bankrupt city. Grants and funding programs would tear down blighted buildings, hire police and firefighters and improve the city's transit system.

The amount of money Detroit will get is "over $300 million in money that is being expedited, repurposed, reprogrammed, unlocked for the city of Detroit," according to Gene Sperling, the White House Director of Economic Development.

Sperling says the good news is it will be closer to $350 million, but the not-so-good news is that no firm date was provided as to when the beleaguered and bankrupt city will actually receive the cash.

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