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Review team finds Detroit in 'severe financial stress'

A review team has determined that Detroit is in "severe financial stress," but stopped short of recommending that Gov. Rick Snyder appoint an emergency manager.

The team also said that a consent agreement between the city and Snyder has not been reached.

Snyder now has 10 days to continue negotiating with Mayor Dave Bing's office and members of the City Council on how to restructure the city's failing finances.

Snyder said earlier Monday that his office and the city were close to reaching a "financial stability agreement.

Monday was the deadline for the team to give Snyder a recommendation. The appointment of an emergency manager would have been the most severe choice. An emergency manager would have the power to dismiss the mayor and City Council and redo union contracts.