10 things you need to know today: December 4, 2013

A judge clears Detroit to slash pensions, SpaceX marks a new milestone, and more

SpaceX
(Image credit: (AP Photo/John Raoux))

1. Judge rules Detroit deserves bankruptcy protection

A judge ruled Tuesday that the city of Detroit can remain under bankruptcy court protection. The decision means the city can impose pension cuts on its employees to salvage its finances. Unions and pension managers had argued that giving the city such power violated retiree contract protections. The ruling could change the course of bankruptcies in other cities, where leaders had assumed pensions were untouchable. [Bloomberg, New York Times]

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.