Community activists say they have an alternative plan for making Chicago fiscally solvent -- and it doesn't rely on cuts that disproportionately affect low- and middle-income people.
A new report, "Our Kind of Town: A Financial Plan that Puts Chicago's Communities First," targets "predatory financial deals" that cost the city millions of dollars. The paper, crafted by the Refund America Project at the Roosevelt Institute, also suggests a series of progressive taxes could put millions back into the city's coffers.
"What we have is a priorities crisis," said Amisha Patel, executive director of the Grassroots Collaborative at press conference outside the offices of Loop Capital Management. "For decades, budgets in Chicago have been balanced on the backs of working families. In fact, there are a clear set of policy solutions to raise a progressive revenue that our neighborhoods need."
Fitch Ratings and Moody’s Investor Services on Wednesday issued brief statements of approval following the state legislature's vote to pass a controversial pension reform package Tuesday, but it still remains to be seen if they will adjust Illinois' credit rating.
Senate leaders have reached a deal on a plan to raise the debt ceiling and reopen the government, and both the House and Senate appear to be poised to pass the package.
The plan would fund the government through January 15 and raise the debt ceiling through February 7.
"Our country came to the brink of disaster, but in the end political adversaries set aside ... their differences," Senate Majority Leader Harry Reid (D-NV) said, adding that the plan will "provide our economy the stability it desperately needs."