Now that Congressman Paul Ryan has joined the Romney ticket, Ryan's controversial federal budget proposal is coming under intense scrutiny. We look at what that fiscal plan actually contains.

The mayor says he’s cut the city’s budget deficit in half. It’s the one piece of positive news in an otherwise ominous financial forecast. Are tax hikes and spending cuts inevitable? We take a look.

A new report blasts the Chicago Public Schools for budget mismanagement. We have the latest.

Chicago Public Schools just released its proposed budget for next year. For many, it's a stunner, with the district planning to completely empty its bank account. We get reaction from all sides.

With a ballooning budget deficit, angry teachers and some top administrators leaving, Chicago Public Schools CEO Jean-Claude Brizard has a lot on his plate. We talk with him about what he's facing.

One day after his "day of reckoning" budget speech, Gov. Pat Quinn tells us what he expects from state lawmakers; and Republican Illinois Treasurer Dan Rutherford joins us to share his take on the governor's plan.

Illinois lawmakers are back in Springfield next week. Can they make any headway in reducing the state's huge fiscal problems in this election year? We hear from four lawmakers.

Illinois could eventually face nearly $35 billion in unpaid bills. A new report suggests the governor and general assembly can fix the problem.

We speak with two of Chicago's financial leaders -- the city budget director and comptroller -- about how they've overachieved their budget, and what's next for Chicago in 2012.

The Mayor's budget gets unanimous approval, despite earlier controversy over some of the fee hikes and service cuts. Is it the "rubber stamp city council" all over again? Carol Marin and her panel have more.

Aldermen propose new taxes on cigar and pipe smokers, as well as higher fees for loading and valet zones. The goal: staving off cuts to libraries, the 911 center and mental health facilities. Elizabeth Brackett reports.

Chicago Police Superintendent Garry McCarthy is defending plans to close three Chicago police stations. We have the latest from the City Council budget hearings.

The fall veto session kicked off today in Springfield. With major hits to state labor, the casino bill and potential utility hikes all on the table, lawmakers have their work cut out for them. Carol Marin joins us live from Springfield.

Cook County Board President Toni Preckwinkle's new budget includes layoffs and tax hikes. President Preckwinkle is here and she'll tell us how she plans to get it passed.

The Chicago Transit Authority will not increase fares or cut services in 2012 under a budget proposal outlined Wednesday by CTA President Forrest Claypool. But the plan relies heavily on union cooperation.  Ash-har Quraishi has the story.

Mayor Rahm Emanuel unveils some surprising proposals to close Chicago's massive budget gap. So who'll feel the most pain? Carol Marin is joined by City Council members, and then we take a look at the specifics of the plan and whether it's the best way out of the city's $636 million shortfall.