Chicago Mayor Rahm Emanuel said Friday that the city's facing a $635 million budget shortfall next fiscal year.Emanuel told reporters the budget deficit isn't anything new. He didn't directly criticize former Mayor Richard Daley, but Emanuel said the issue is long-term and structural."
While many states struggle to fill budget gaps, the state of Indiana took in $150 million more than expected during the month of May. State officials reported Friday that sales tax collections were $28 million above May collections last year.
The president of the Illinois Senate says he wants lawmakers to consider taxing income earned by retired people in the state. State Sen. John Cullerton, D-Chicago, said that doing so could raise up to $1.6 billion.Currently, most retirement income is not taxed by Illinois.