Questions about the economy constitute a new threat to Chicago’s already shaky financial picture. As CBS 2 Chief Correspondent Jay Levine reports, Mayor Rahm Emanuel has been working on the city’s 2012 budget, trying to figure out how to eliminate a $600 million deficit.
Chicago Public Schools administrators, still faced with a deficit of more than $600 million after making significant cuts, are considering more job cuts and a property tax increase.
A new report from the University of Illinois on Wednesday said that the income tax hike recently approved by Gov. Pat Quinn and the General Assembly is not enough of a solution to the state’s $15 billion deficit.
Gov. Pat Quinn is defending his support for a massive income tax increase, saying the state was facing a crisis and “we had to take decisive action.”
Even if state lawmakers approve a major income tax hike as Gov. Pat Quinn is inaugurated for his first elected term, the state’s budget problems will last long after he’s sworn in on Monday.
The oldest non-partisan government research organization in the state says the proposed Illinois income tax increase will not help lower the state’s $15 billion deficit.
Gov. Pat Quinn and legislative leaders in Springfield have been meeting repeatedly this week, trying to hammer out an agreement that would raise the state’s income tax in an effort to solve a massive budget deficit.
Potential mayoral candidate Rahm Emanuel toured a west side factory and he spoke about what he would do to help close the city’s 650 million dollar budget deficit.
Superintendent Ray Lachner says he and his staff have some tough decisions to make before next year.