Michigan Gov. Snyder: Good Start to Fixing Detroit's Woes

There's a small ray of light at the end of the tunnel in Detroit's financial crisis, Michigan Gov. Rick Snyder has hinted.

Snyder said he has assessed a report by the Motor City's Emergency Manager Kevyn Orr on getting Detroit to economic health and called it a good start, The Detroit News reports.

"One of the big starting points is, before you jump in to run off and do a lot of things, let's make sure we're on the same page as to what the facts of the situation are," Snyder told reporters.

"The report does a good job of that. It presents huge challenges and most of us knew that, but isn't it better we have more clarity on that and we can make steps to move forward?"

But Snyder did not mention what is on many peoples' minds — the declaration of bankruptcy. Detroit has debt and liabilities that total about $15 billion.

Orr's report says the city's cash-flow crisis makes it "insolvent" and unable to borrow more money, the newspaper said.

It hints that city employees may face pay cuts and that Wall Street bondholders may be asked to give the city a break.