Memphis mayor rejects comparisons to Detroit
MEMPHIS, Tenn. (AP) - Memphis Mayor A C Wharton Jr. is rejecting comparisons between his city and Detroit, which has become the largest U.S. city to file for bankruptcy.
Wharton told reporters Friday that Memphis is not in denial about its budget problems, which led the state comptroller to warn the city that its practice of delaying debt payments could lead to serious financial issues and possible state action.
Wharton says the city's pensions are adequately funded. He says a budget passed last month is dealing with long-term debt payments.
Wharton says it is frustrating to be compared with Detroit, whose decline has been blamed on a long, slow decline in population and auto manufacturing. Wharton says Memphis is doing a good job of attracting new businesses.