Detroit may file bankruptcy in a matter of hours

In Detroit, it's "mission accomplished" for big-government progressives.

More sad news out the Motor City:

The City of Detroit is in final preparations to file for federal bankruptcy as early as Friday morning, several sources told the Free Press today.

The filing would begin a 30- to 90-day period that will determine whether the city is eligible for Chapter 9 protection and define how many claimants might compete for the limited settlement resources that Detroit has to offer. The bankruptcy petition would seek protection from creditors and unions who are renegotiating $18.5 billion in debt and other liabilities.

CNBC's Brian Sullivan weighed in on Twitter:

Ill say it again: Detroit is biggest economic story in America right now. Fin'l tragedy that will set stage for epic fight over few assets

— Brian Sullivan (@SullyCNBC) July 18, 2013

Detroit was the richest city in America just 50 years ago. The Paris of the midwest. Birthplace of the middle class.

— Brian Sullivan (@SullyCNBC) July 18, 2013