CHICAGO - Earlier this month, Mayor Brandon Johnson laid out his proposal on how to close a projected nearly $1.2 billion budget deficit next year.

Johnson framed his proposal, which requires City Council approval by the end of the year, as a progressive approach by raising taxes on large corporations but not including a property tax increase — a move that has proven unpopular in recent years.

Why does the city have a $1 billion deficit?

The backstory:

The city government’s nearly $1.2 billion projected budget deficit next year is the largest gap since 2021, when the COVID-19 pandemic decimated government revenues.

The city, along with other local and state governments, was helped out by massive federal pandemic relief spending, but those funds are set to dry up by next year.

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