Chicago Mayor Brandon Johnson announced that the city faces a $982 million budget deficit for 2025, nearly double the shortfall for his first year in office. Johnson attributed the deficit to increased spending on city workers and lower tax revenues, according to CBS News.
“The size of the budget gap is significant. It’s going to require decisions that will speak to our overall collective desire to build an economy that works for working people. There will be sacrifices that will be made,” Johnson stated in a press conference on Wednesday.
While the nearly $1 billion gap is daunting, it falls short of the $1.2 billion deficit managed by former Mayor Lori Lightfoot in 2021, driven by pandemic-related costs. Lightfoot navigated that financial crisis with federal relief funds from the Biden-Harris administration’s COVID relief package.
Last year, Johnson faced a $538 million deficit for the 2024 budget without resorting to layoffs or tax increases. However, he has not ruled out either option in addressing the current financial crisis. He also remained non-committal about the possibility of legalizing video gambling or installing slot machines at airports as new revenue sources. When asked, Johnson did not deny the potential for layoffs or