Editorial: Chicago City Council needs a finance team
from Chicago Tribune
"There is no limit on the city's general obligation debt, and the sole check and balance is the City Council, a body that rarely pushes back on major mayoral decisions. Since 2007, aldermen have authorized $7.6 billion in general obligation bond issuances without a single dissenting vote." That paragraph appeared in the first installment of Broken Bonds, the Tribune's ongoing series about the staggering debt piled on the shoulders of future Chicagoans. But the part about the City Council rarely pushing back is a recurrent theme in a long list of financial debacles.
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