CHICAGO - Mayor Brandon Johnson spent more than three minutes defending his 2026 budget proposal Thursday, despite warnings that it could lead to another downgrade of Chicago’s credit rating.

What we know:

Earlier this year, Chicago’s credit rating was downgraded, signaling to investors that the city may struggle to meet its financial obligations.

Johnson said that’s exactly why he is pushing for new, progressive revenue sources. He argued that the city’s financial troubles began long before he took office.

The mayor’s proposed $16 billion budget includes several first-of-their-kind revenue ideas, including a social media tax. Johnson said the plan is rooted in fairness and long-term stability.

Other proposals include a community safety surcharge, a $21-per-month head tax on large e

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