Emanuel Defends Move To Borrow $900 Million

CHICAGO (CBS) — In the blink of an eye, the Chicago City Council today authorized nearly a billion dollars in borrowing and more and Mayor Emanuel is defending the move.

WBBM Political Editor Craig Dellimore reports there was no floor discussion as the City Council approved $900 million in new city borrowing and doubled the short-term line of credit.

Alderman Scott Waguespack was one of the handful of no votes saying aldermen had little information about how the money would be spent.

“We are not helping our fiscal situation by creating more near-term debt service and that has increased by 33 percent since 2011,” said Waguespack.

Mayor Emanuel says half of the money will help modernize Midway Airport.

“What the other part of the resources are is typical efforts to invest in our streets, our sidewalks, light poles, all the other infrastructure that improves our neighborhoods and economic vitality of our neighborhoods like the central business district,” said Emanuel.

And he says this is normal borrowing for many big cities.

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