The Detroit City Council has put off a vote while continuing to debate a proposed consent agreement between the city and Gov. Rick Snyder.
Council members on Monday discussed language in the agreement and changes they want made to the document.
If an agreement isn't reached by Thursday, Snyder will have to decide whether to appoint an emergency manager with sweeping powers to run Detroit.
The city faces a $200 million budget deficit and $13.2 billion in long-term structural debt.
Mayor Dave Bing has been negotiating with state Treasurer Andy Dillon on the proposal, which allows the mayor's office and City Council to retain its authority under Detroit's City Charter.
The deal would create a nine-member financial advisory board. That board would monitor the city's fiscal restructuring.