CHICAGO (WBBM) — Mayor Richard Daley is speaking out against legislation he says could hit Chicago homeowners and businesses hard, while trying to shore up employee pension funds.

As Newsradio 780’s Craig Dellimore reports, the mayor says one proposal in Springfield aims to solve the city’s pension crisis by increasing the tax levy by $400 million by 2015 for police and fire personnel.

He says if that’s done for all city employees it would create an $800 million tax increase.

“It cannot be on the backs of every taxpayer to solve the pension fund,” Daley said.

The mayor says he’s asking legislative leaders to slow down and consider other options to the plan.

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