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.
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.
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.
As he prepares to unveil his preliminary 2013 budget today, Mayor Rahm Emanuel says he’s managed to cut the projected deficit in half.
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.
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.
“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.
Five members of the Illinois Congressional Delegation voted against the debt-ceiling authorization Monday – in some cases, for radically different reasons.
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.
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.
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.
A meeting is planned for Wednesday between Gov. Pat Quinn and House Speaker Michael Madigan to discuss calling lawmakers back for a special session.
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.
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.
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.
Want to buy an old radio system? If so, Naperville would like to hear from you.
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.
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.
Two months into the school year, Chicago Board of Education officials Tuesday were already estimating next school year’s deficit at $700 million.