Mayor-elect Rahm Emanuel faces a huge challenge when he assumes office in May. He’ll need to deal with what he says is a threat to Chicago’s economic future — the city’s budget deficit.

Emanuel estimates the deficit ranges from $500-700 million. On Wednesday, Emanuel made a number of financial appointments including deputy mayor, chief financial officer, budget director and comptroller. To get the city’s fiscal house in order, he’s turned to the private sector.

To find out more about the people and strategies behind Emanuel’s new financial team, Eight Forty-Eight turned to David Greising. He wrote an article on Emanuel’s financial team for the Chicago News Cooperative.

Music Button: Orgone, “Counting On You”, from the CD Killion Vaults, (Ubiquity)