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Chicago Budget Faces $654 Million Deficit

Chicago officials on Friday revealed an estimated shortfall of more than $650 million in next year's budget. Budget chief Eugene Munin says the deficit is a result of declining revenues and an increase in city expenditures. Munin says he's talking with union leaders to find ways to fill the budget gap.

MUNIN: We need everybody to pitch in, and they've done that. They stepped up to the plate. Those unions that were apart of the coop agreements stepped up to the plate last year. I know it was a very difficult thing for them and their members to do. But the problem has not evaporated.

Munin says expenditures are expected to increase to more than $200 million next year. He also says the city is considering all options of closing the budget gap except for increasing property taxes. Mayor Richard Daley is expected to unveil next year's balanced budget in October. 

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