Financial wolves growling at Mayor Emanuel

Crain's Chicago Business reports:

His chief financial officer is, at a minimum, distracted by a building financial scandal. Springfield is moving at a glacial pace on pension reform. And now the promised honey pot of privatizing Midway Airport may be gone for good.

For Mayor Rahm Emanuel, the news lately has not been good regarding his foremost job: balancing the books — in this case, after they went deep into the red in the latter Richard M. Daley years.

Mr. Emanuel still has time to cobble together a solution. And the city budget is in better shape now than when he arrived.

But after recent developments, the job seems more difficult, as a $700 million pension cliff now is in sight for 2015.

The great moments of Blue America.