CBS 2 Chicago wbbm7801059 670 The Score

Deficit

Empty Classroom

CTU Fears Chicago Could Follow Philadelphia’s Lead With Teacher Layoffs

Chicago Teachers Union officials fear the city could soon follow Philadelphia’s steps and send out thousands of layoff notices. On Friday, the Philadelphia School District notified more than 3,000 employees of layoffs.

06/10/2013

City Hall

Report: Emanuel Considering Hikes On Amusement, Cigarette Taxes

The City of Chicago may be facing a budget deficit of as much as $369 million next year, and reports are now surfacing that Mayor Rahm Emanuel may be looking at raising some taxes to close the gap.

CBS Chicago–09/20/2012

Mitt Romney and Paul Ryan (Photo by Chip Somodevilla/Getty Images)

Opinion: Romney Tries To Reboot Losing Campaign With Ryan Pick

After months of failing to find a way to gain ground in the presidential campaign, Mitt Romney has hit the reset button by picking Paul Ryan as his running mate, but once the dust has settled and the Conventions are over, it is hard to see how Romney will have changed the direction of the 2012 presidential campaign.

08/13/2012

Mayor Rahm Emanuel

Emanuel Says He’s Cut Budget Shortfall In Half

As he prepares to unveil his preliminary 2013 budget today, Mayor Rahm Emanuel says he’s managed to cut the projected deficit in half.

WBBM Newsradio–07/31/2012

Laurence Msall

Civic Federation: State Could End Up With $35M In Unpaid Bills

Ahead of Gov. Pat Quinn’s state of the state address this Wednesday and his budget address next month, a tax watchdog group is sounding the alarm about Illinois’ looming financial disaster.

WBBM Newsradio–01/30/2012

(Photo Credit: Tim Boyle/ Getty Images)

No CTA Fare Hike, Despite $277 Million Deficit

The CTA won’t increase fares or cut service in the coming year — if its unions agree to $160 million or more in work rule changes.

10/19/2011

Mayor Rahm Emanuel

Emanuel: City Can’t Afford Old Ways Of Doing Business

“We can start shaping our city’s future or let it shape us,” Mayor Rahm Emanuel said as he unveiled a budget that will close three police stations, double water rates, and raise several other fees.

CBS Chicago–10/12/2011

A pedestrian crosses a road with the U.S. Capitol building in the background on August 1, 2011 in Washington, DC. (Photo by Mark Wilson/Getty Images)

5 House Members From Illinois Vote ‘No’ On Debt-Ceiling Compromise

Five members of the Illinois Congressional Delegation voted against the debt-ceiling authorization Monday – in some cases, for radically different reasons.

08/01/2011

Mayor Rahm Emanuel

Emanuel: Chicago Is Running A $635.7 Million Deficit

Mayor Rahm Emanuel said Friday the city is facing a $635.7 million shortfall for its budget next year, and it is time to address the city’s structural deficit.

CBS Chicago–07/29/2011

U.S. Rep. Jan Schakowsky

Schakowsky: Cuts Are Possible, Default Unlikely

U.S. Rep. Jan Schakowsky (D-Ill.) is predicting there will be no government default on its bill, and that the debt ceiling will be lifted in return for some cuts.

WBBM Newsradio–07/26/2011

Cook County Seal

Partisan Debt Standoff Spills Over Onto County Board

While the standoff between Democrats and Republicans continues in Washington over the debt ceiling and spending cuts, the partisan rhetoric is spilling over into local governmental debates as well.

WBBM Newsradio–07/13/2011

Illinois State Capitol

Meeting Planned On Possible Special Legislative Session

A meeting is planned for Wednesday between Gov. Pat Quinn and House Speaker Michael Madigan to discuss calling lawmakers back for a special session.

CBS Chicago–06/15/2011

U.S. Sens. Mark Kirk and Dick Durbin (CBS file)

Illinois U.S. Senators Square Off On Debt Limit

The U.S. Treasurer says the United States could default on its loans if congress doesn’t act soon to raise the country’s debt limit, and both Illinois U.S. senators are weighing in on the issue.

WBBM Newsradio–05/17/2011

Judy Baar Topinka (Photo From Judy Baar Topinka Website)

Topinka: State Can’t Keep Borrowing

Critics say the State of Illinois is robbing Peter to pay Paul in its plans to borrow money to balance the state budget, and now, Comptroller Judy Baar Topinka is calling for major changes.

CBS Chicago–04/28/2011

A Breakdown Of The Debt Crisis

With all the talk about reducing the national debt and budget deficit, CBS MoneyWatch wants to explain some of the basic facts about the budget issue.

04/14/2011

An old style radio. (Photo by Mario Tama/Getty Images)

Naperville Might Cut Deficit By Selling Old Radios

Want to buy an old radio system? If so, Naperville would like to hear from you.

02/08/2011

Cook County Seal

County Health Admins Get Raises Despite Deficit

As Cook County grapples with how to close a half-billion-dollar budget deficit next year, top bosses at the county’s health and hospitals system have doled out pay raises to a smattering of top administrators, the largest a $40,000 pay bump.

12/13/2010

Rahm Emanuel

Rahm Emanuel On Vision For City, Taxes And Deficit

No new taxes? Not so fast. Mayoral candidate Rahm Emanuel, in an interview with CBS 2 Chief Correspondent Jay Levine, clarified a statement he made on Saturday about tough budget choices the next mayor will face.

11/16/2010

Chicago Public Schools

CPS Predicts $700M Deficit For Next Year

Two months into the school year, Chicago Board of Education officials Tuesday were already estimating next school year’s deficit at $700 million.

11/10/2010