Economic woes impact Chicago budget

In January, the city of Chicago announced revenues were falling short of estimates by 31-million dollars. p>But since then revenue collections have dipped even further. And now the city says its trying to deal with a deficit of more than $50 million.

Mayor Richard Daley's chief of staff expects this debt to increase throughout the year.

"Unfortunately since last fall, the economy has continued its downward turn and we've continued to see revenues slow from month to month in many categories. and we expect that revenues will slow throughout this year,' said Paul Volpe, Mayor Daley's chief of staff.

Volpe says Mayor Daley has asked that the city meet with unions to review the city's financial problems and begin discussions about cost cutting.