Financial trouble in Illinois' biggest city has many worried about Chicago's potential ripple effects on the state with money problems of its own. But Governor Bruce Rauner sees an opportunity in Chicago's fiscal mess.
For all the trouble Illinois is in, Chicago is in deeper. The city's bonds are rated "junk" by the country's leading ratings agencies, and the mayor last month proposed a $600-million dollar property tax hike just to pay for its police and fire pensions.
But to get that increase passed, Rahm Emanuel needs several things from Springfield. That's where Governor Rauner sees a pressure point he can leverage to get a state budget passed, one that's now four months overdue.
"I'm cautiously optimistic because of Chicago's financial challenges, they need some help in December, that maybe in December or January maybe there'll be enough incentive to compromise and we'll get something done but I don't know. Could be longer."
The day before, the governor had referred to Chicago's financial situation as "apocalyptic," and said Chicago gets too many special deals from the state.
