Chicago Mayor Lori Lightfoot is considering slashing the city’s payroll in order to balance the budget, according to a report. The city is weighing $200 million in payroll cuts to help plug its projected $1.2 billion budget gap, the Chicago Tribune reported, citing sources. The City of Chicago faces a ballooning deficit in fiscal year 2021 after the COVID-19 pandemic caused widespread disruption to its economy, like in other cities. A 10% year-over-year drop in the city’s second-quarter gross domestic product led to a $799 million mid-year 2020 budget shortfall. CHICAGO MAYOR LIGHTFOOT SLAMS TRUMP AFTER HE BLASTS WINDY CITY VIOLENCEThe shock to Chicago’s economy comes as the city was attempting to get its fiscal house in order.

Source: Fox News October 07, 2020 19:39 UTC