Major step forward for Chicago's Olympic bid

September 8, 2009 7:39:56 PM PDT
The Chicago City Council finance committee approved an ordinance giving Mayor Daley the power to sign the Olympics host city agreement.The agreement requires the city to cover any major cost overruns for the 2016 Games not covered by insurance.

The ordinance also sets up a council oversight plan for the 2016 organizing committee.

The full council votes on the plan on Wednesday.

And White House senior advisor Valerie Jarrett will be in Copenhagen to help with the city's final presentation to the Olympic committee. There is no word yet if President Barack Obama will be there.