Detroit Mayor on AM: If we can make budget changes, we can stave off any horrible situation

The city of Detroit is dangerously close to facing bankruptcy. 

The city's deficit has been estimated to be as high as $209 million and the government is currently on track to run out of money by early next year.

Last night in a televised speech, Detroit Mayor David Ding said that drastic action needed to be taken to fix his city's finances. Bing is calling for municipal unions to take wage cuts and tax hikes for corporations.

Today on American Morning, Carol Costello asks Mayor Bing if he thinks he has ability to turn Detroit's finances around.