Libtards have the dumbest solutions to pay off debt.
Do you know what their solutions are? Taxes and BORROW MORE MONEY!!
Emmanuel wants to borrow even more money, eventhough the city is already consumed by debt which will only get worse. He is just kicking the can down the road. Doesn't that sound like the failure sitting in the White House?
America. This is your future under a libtard economy.
http://www.chicagotribune.com/news/politics/clout/chi-emanuel-seeks-to-borrow-900-million-20140203,0,1659900.storyMayor Rahm Emanuel's administration is making preparations to issue up to $900 million in bonds this year to lower some of its borrowing costs, push other debt off into the future at an overall higher cost, cover legal settlements and pay for construction, building maintenance and equipment.
At the same time, the administration is making plans to double the city's short-term credit line to $1 billion, Chief Financial Officer Lois Scott told aldermen at a City Council Finance Committee meeting.
The committee recommended giving the administration authority to put together two major bond deals and double the city’s the line of credit to $1 billion,
even as the city carries an outsized debt burden in comparison to most other major cities. Chicago carries a high debt level for bonds previously issued, and
it also owes more than nearly all other major U.S cities to its pension plans to cover current obligations
The Tribune’s “Broken Bonds" highlighted the city’s habit — both under former Mayor Richard M. Daley
(Democrat) and Emanuel — of kicking its debt obligations down the road, at a higher cost to future generations. The city took out loans, some of which won't come due for three decades, to cover short-term costs.
But the city also would restructure up to $130 million in debt “to better align revenues with our obligations,” Scott said.
That would push debt off 10 years further into the future and increase the overall costs.