Emanuel Plan Avoids Tax Increase Amid Pension Woes: Muni Credit
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Chicago Mayor Rahm Emanuel presented his 2015 budget with an eye on winning over dissatisfied voters while bolstering the city’s standing on Wall Street.
Emanuel, facing a February primary, proposed an $8.9 billion spending plan today that would avoid increases in the major revenue generators: property, sales or fuel taxes. Yet bondholders are looking past the presentation, waiting for a solution to the biggest challenge -- an approximately $10 billion unfunded pension liability for police and firefighters.