Chicago Mayor’s $3.8 Billion Debt Proposal Reduced Amid Pushback

Chicago Mayor Brandon Johnson’s proposal to sell $3.8 billion in bonds was reduced Tuesday by $1 billion after facing opposition from a key member of the city council finance committee as the deadline to pass a 2026 budget nears.

Alderman Bill Conway, the committee’s vice chairman, had wanted to cut Johnson’s debt proposal by more than half. The former banker sought to introduce substitute bond authorization ordinances during a finance committee meeting Tuesday. He cited concerns from credit rating companies and rising interest costs facing the nation’s third-largest city.