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Chicago Mayor Defends ‘Tough Decisions’ Leading City Out of Junk

  • Lightfoot says the city has built up credibility on finances
  • The mayor faces a tough reelection fight in February
Lori Lightfoot,
Lori Lightfoot,Photographer: Christopher Dilts/Bloomberg

Chicago Mayor Lori Lightfoot said using extra revenue to bolster the city’s troubled pensions was a tough decision, but one she can defend because it will help save residents billions of dollars long-term.

The nation’s third-largest city diverted $242 million in unexpected revenue to its four retirement funds, instead of spending more on badly-needed services. That helped lift Chicago’s credit rating out of junk for the first time in seven years, a move that can reduce borrowing costs and lure more investors.