CHICAGO
01/17/2011 05:12 am ET Updated May 25, 2011

Daley's Final Budget Sails Through City Hall

Mayor Daley's plan to postpone Chicago's financial day of reckoning -- by balancing his final budget with another raid on parking meter reserves and other one-time revenues -- sailed through the City Council Wednesday amid warnings that a mid-year crisis could explode on the next mayor's watch.

"The new mayor is going to be forced to make significant cuts in all areas of city services, including public safety, and is going to be forced to raise taxes just to fund the city's pension liability," said Civic Federation President Laurence Msall.

Read more on Chicago Sun-Times