CHICAGO—Mayor Lori Lightfoot proposed a budget Wednesday to close an $838 million budget gap through a series of revenue and tax increases as Chicago confronts the highest pension burden of any major U.S. city. The mayor, facing a teacher strike, a budget crunch and soaring pension costs just five months into her first term, outlined an $11.7 billion budget for 2020 that would rely on a mixture of $538 million in savings and another $352 million in new revenue while avoiding a property tax increase.

Source: Wall Street Journal October 23, 2019 17:48 UTC