Is it a broken promise or a "tough choice?" Mayor Rahm Emanuel defends a possible $150 million property tax hike to help close the Chicago Public Schools' budget gap. Eddie Arruza reports on what the Mayor had to say.

Stocks go up 430 points just a day after a massive sell-off. Elizabeth Brackett and her panel look at the volatility on Wall Street, the Federal Reserve's plans for interest rates, and where the economy may be heading.

Do people of certain races all look alike? A recent scientific study delves deep into the so-called "other race effect." Ash-har Quraishi explains the science behind the study and how it could have practical applications in the justice system.

Chicago's annual Air & Water show gets underway next weekend. We talk with the city's new commissioner of Cultural Affairs and Special Events about this, and how budgetary constraints will affect arts and special events in Chicago in the future.

Rating agency Standard & Poor's downgraded the U.S. long-term credit rating from AAA status to AA-plus. The unprecedented move helped trigger another massive sell-off on Wall Street. Carol Marin and her panel examine what this means for the economy and the average investor.

Illinois Senator Dick Durbin reacts to the nation's credit downgrade. Eddie Arruza reports on what the senator says he hopes will be the next steps taken in Washington.

Kris Kridel of WBBM Newsradio 780 joins us to discuss the local impact of S&P's historic downgrade, as well as news of Kraft's split and the latest on Groupon's IPO.

This week on Chicago Tonight: The Week in Review, the President returns home to collect cash and celebrate his 50th birthday, amid criticism from both sides of the aisle over the debt ceiling compromise. Illinois representatives defend their debt ceiling votes. Tea Party favorite Joe Walsh and Democrat Jan Schakowsky both vote "no" for very different reasons. The Dow nose-dives to its lowest level of the year as fears abound over another worldwide economic slowdown. A new report details the costs of Ald. Ed Burke's bodyguards. Local food giant Kraft gets sliced into two companies.

Illinois Representatives Jan Schakowsky and Robert Dold had opposing votes on the debt ceiling deal. They join Eddie Arruza to explain their votes, and give their thoughts on what appears to be an ever-increasing political divide in Washington.

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The debt deal is signed, now comes the explaining. Carol Marin talks with two local members of Congress — one a yes vote and one a no vote — about why they voted the way they did.

The debt deal is done, but the stock market continues to tank. Elizabeth Brackett and her panel look at how D.C. politics have affected the markets.

A sentencing date has been set for convicted former Illinois governor, Rod Blagojevich. He'll learn his fate on October 6. Elizabeth Brackett has the latest on sentencing guidelines and Blagojevich's fate.

Congressional leaders and the President come up with an 11th hour deal to raise the debt ceiling. Carol Marin and her panel tally up the potential winners and losers in the debate over the debt.

Cook County has a sizable budget gap to close, but Board President Toni Preckwinkle says job cuts are not inevitable and the sales tax rollback is still on. How will they close the gap? Paris Schutz has the story.