As Reuters reports on the content of the bill:
The Michigan bill allows a governor-appointed emergency manager to modify or end collective bargaining agreements. With the governor's approval, the emergency manager also could dissolve a city government or recommend consolidation.
The bill expands the powers for the state to name emergency overseers and gives them powers over academics and finances in the case of school districts. The emergency manager also could close schools and buildings.
In addition, protests have landed at the state Capitol over another component of Snyder's financial proposals: To tax retirees' pensions, which have until now been exempted from the state's 4.35% income tax. On Tuesday, more than 1,000 seniors and activists turned out for a demonstration at the state Capitol.
Here is a video of the seniors protest, posted on Michael Moore's YouTube account, featuring state Senate Minority Leader Gretchen Whitmer (D).