Mayor Lightfoot To Address City's Budget Plans, Chicago Faces $838 Million Shortfall

CHICAGO (CBS)-- Mayor Lori Lightfoot will address the city's budget plans, and her plans to dig Chicago out of debt Wednesday.

This means 1.3 billion dollars in city debt.

The mayor plans to refinance to save $200 million. She hopes this will help shrink the budget gap of $838 million projected for 2020.

The mayor's office said she will not pursue "one time solution" pension obligation bonds right now. Instead, opting for general obligation bonds and sale tax secularization bonds, which the city compares to refinancing a mortgage.

Among some controversial items on the agenda, Lightfoot is proposing rideshare tax for services like Uber and Lyft, in the hopes of cutting down on traffic congestion downtown.

She will also talk about hiking up restaurant tax and parking meter rates.

The mayor said Tuesday, the decisions weren't easy.

Chicago teachers will shift from the picket lines in front of schools to what's expected to be a massive rally near City Hall.

Chicago Public School teachers plan to be front and center when Mayor Lori Lightfoot delivers her budget address.

Serious traffic delays are expected due to the rally.

The Chicago Department of Transportation recommends commuters use mass transit Wednesday morning to avoid anticipated delays in Chicago the Loop, due to a teacher's union rally.

The streets that will be closed to traffic on a rotating basis include: Randolph, Washington, Clark, LaSalle, Franklin and Wacker Drive. Daley Plaza and surrounding areas will be closed.

Additional Chicago police officer will be deployed during the rally.