City of Chicago, IL

The spending plan comes after contentious talks between the administration and aldermen over how to close a nearly $1 billion deficit with higher taxes or cuts.

Mayor Brandon Johnson is reversing his plan to raise property taxes by offering to use some bond refinancing savings and defer a loan repayment.

A move to increase an unusual tax on cloud computing risks adding to a broader technology industry downturn to derail progress in the third-largest U.S. city.

The measure would have allowed the city council to increase transfer levies on upmarket residential and commercial property sales.

Mayor Brandon Johnson's plan to increase taxes on real estate transactions of $1 million or more was dealt a major blow.

Gov. Pritzker's comments follow months of speculation over how Chicago Mayor Brandon Johnson plans to raise revenue to tackle the city's embattled finances.