The Chicago Sun-Times reports:
The Illinois Senate on Thursday approved police and firefighter pension legislation that Mayor Daley warned would blow a $550 million hole in the city budget, but the top Senate Democrat pledged to try softening that financial hit next month.
The measure, which passed 46-4 and now heads to Gov. Quinn, essentially is a trade-off between police and fire unions wanting to keep their pension funds solvent and local governments aiming to cut pension costs.
There's more:
To place the entire burden on Chicago property owners -- and mandate the largest property tax increase in the city's history -- would paralyze home sales, the mayor said.
"From today on, you won't be able to sell your house. . . . These taxes are gonna go up by 100 percent or more,' " Daley said.
Great moments in Blue America.
