Chicago Mayor Struggles to Find Revenue for Debt-Ridden City
- Brandon Johnson, aldermen have to agree on budget by Dec. 31
- City on negative credit watch with risk of downgrade: S&P
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Chicago Mayor Brandon Johnson has five weeks to pass a budget that fills the city’s nearly $1 billion deficit. Time is short, and so is the money.
The progressive first-term Democrat, whose policies are drawing opposition from the business community, is currently in a charged debate with aldermen on how to raise revenue to meet rising costs after the city council unanimously rejected his proposed property-tax hike.