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Chicago's Mayor Unveils His Eighth And Final Budget

CHICAGO (CBS) -- Outgoing Chicago Mayor Rahm Emanuel introduced his eighth and final budget on Wednesday.

Coming in at 10.6 billion dollars, the spending plan will be remembered for what isn't in it.

CBS 2 political reporter Derrick Blakley has the details.

Emanuel's final city spending plan is already being called a "good news budget" because after years of tax hikes large and small, this one contains no tax increases. And in his last budget message, Emanuel urged future fiscal responsibility.

"When I made the difficult decision not to seek reelection, I said our duty as public servants is to do the best we can and then to pass the torch. Let us challenge those who sit in this historic chamber or stand at this rostrum in the future to remember the responsibility that comes with that torch," Emanuel said. "If our leaders spend money we don't have, they will steal the future our children could have had."

First off, there'll be no new taxes. But Emanuel is also abandoning the 10 billion dollar pension borrowing he promised. That means the next mayor inherits a billion dollar worker pension bill with no plan to pay for it.

That is undoubtedly the biggest fiscal headache Emanuel's successor will face. But that challenge hasn't deterred the 13 mayoral candidates who've already lined up in the race to replace him on the 5th floor of city hall.

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