Detroit

Detroit has filed for bankruptcy:

The city of Detroit filed the largest municipal bankruptcy case in U.S. history Thursday, culminating a decades-long slide that transformed the nation's iconic industrial town into a model of urban decline crippled by population loss, a dwindling tax base and financial problems.

Gov. Rick Snyder justified approving the historic filing by reciting a litany of the city's ills, including more than $18 billion in debt, maxed-out tax rates, the highest murder rate in 40 years, 78,000 abandoned buildings and a half-century of residential flight. He said the city failed to provide basic services to residents or pay creditors.

The filing, which has broad implications for the nation's municipal bond market and sanctity of public pension funds, was met with outrage, disappointment and a vow to fight. Some creditors adopted a war stance, threatening a prolonged battle. Others accused Emergency Manager Kevyn Orr of failing to negotiate in good faith — an essential requirement for approval of a bankruptcy petition — during his month-long push to secure concessions from creditors, including deep cuts to pensions.

"It's war," said George Orzech, chairman of the city's Police and Fire pension fund.

Brad Plumer has more here.

There are a lot of reasons that Detroit arrived at this point. But one essential truth is this: A lot of the US is broken, and no one in charge seems particularly inclined to do what it's going to take to fix it.

UPDATE: "An Ingham County judge says Thursday's historic Detroit bankruptcy filing violates the Michigan Constitution and state law and must be withdrawn."