(WBBM NEWSRADIO) — Chicago's precarious budget situation is worse than previously thought.
Mayor Lori Lightfoot announced the latest deficit numbers on Monday: an $800 million gap for the 2020 budget and a $1.2 billion hole in the 2021 budget.
Weeks ago, the Lightfoot administration estimated the current budget deficit at more than $500 million. The mayor characterizes the 2021 budget hole as "historic."
Lightfoot blamed the lingering coronavirus pandemic, which devastated the local economy, and said civil unrest, demonstrations and two rounds of looting also helped aggravate the city's financial situation.
The mayor said the city will need federal assistance to stave off sharp cuts, layoffs and tax hikes.
"Property tax increase, layoffs and furloughs -- those are at the end of my list of tools and options. But they have to be on the table," Lightfoot said.
Her administration on Monday announced plans to seek budget input from a variety of stakeholders.
