Emanuel to inherit Chicago's $587M budget shortfall

May 7, 2011 (CHICAGO)

At a news conference Friday, Budget Director Eugene Munin said that the deficit is actually smaller than originally thought. The budget hole is about $68 million less than previous projections. Higher tax collections, cost cuts and a hiring freeze have helped reduce the gap and save some cash.

Emanuel says he'll cut $75 million more from the budget this year.

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