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Chicago Faces $1 Billion Budget Crisis Under Mayor Johnson

3/21/2026

45 3 Full Breakdown

Summary

Story summary

Chicago Mayor Brandon Johnson faces a budget gap exceeding $1 billion and a projected $150 million deficit for 2025.
About 40% of the city’s budget funds debt service and pensions, limiting resources for essential services.
The city lacks an independent chief financial officer, hindering fiscal oversight.
The City Council rejected Johnson's proposed head tax.

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Story summary

Chicago Mayor Brandon Johnson faces a budget gap exceeding $1 billion and a projected $150 million deficit for 2025.
About 40% of the city’s budget funds debt service and pensions, limiting resources for essential services.
The city lacks an independent chief financial officer, hindering fiscal oversight.
The City Council rejected Johnson's proposed head tax.