07/31/2012 02:13 pm ET

Emanuel: Chicago Budget Deficit Cut Nearly In Half

Chicago's budget crisis is easing just a bit, according to new numbers released by the mayor's office.

Mayor Rahm Emanuel estimates the city will face a $369 million budget shortfall in 2013, nearly 50 percent less than the $741 million gap that was originally projected. It's considered the city's lowest budget since 2009.

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