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Senate Approves Grand Bargain
The Michigan Senate on Tuesday approved bills designed to help the city of Detroit emerge from bankruptcy and limit cuts to city employees' pensions. The package includes 195 (m) million dollars in aid to the city, which joins commitments from a dozen foundations and the Detroit Institute of Arts. The so-called "grand bargain" legislation also sets up a nine-member oversight commission which would have authority over the city's finances, budgets and contracts for at least 13 years.