Chicago Approves $16.6B Budget Amid Political Tensions

Chicago's $16.6 billion 2026 budget was approved after Mayor Brandon Johnson chose not to veto it, despite disagreements over tax proposals and budget priorities. The budget relies on tax hikes, borrowing, and revenue from debt collection, while sidestepping some of the mayor's initiatives like the head tax. It includes full pension payments and aims for cost savings, but remains heavily dependent on short-term fixes and increased taxes that could hinder economic growth. Future reforms are needed to ensure fiscal stability.